(Reuters) -Sibanye Stillwater and Appian Capital Advisory have agreed a $215 million settlement over the South African miner’s termination of a $1.2 billion deal to buy the investment firm’s Brazilian nickel and copper mines, the companies said on Monday.
London’s High Court ordered Sibanye in October 2024 to compensate Appian for the failed deal.
The agreement was announced a day before court proceedings to determine the monetary award, the companies said in a joint statement.
“We are pleased with the commercial settlement agreed, which precludes further legal processes and related costs being incurred, and provides certainty for the group and its stakeholders,” Sibanye CEO Richard Stewart said in the statement.
London-headquartered Appian lodged its compensation case against Sibanye after the Johannesburg-based precious metals producer cancelled a deal to buy the Santa Rita and Serrote mines in Brazil in January 2022.
(Reporting by Nelson Banya; Editing by Emelia Sithole-Matarise)
