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Shares in Sibanye-Stillwater cruised to a record high this month. On the face of it, that’s an important achievement, especially as 2022 has dealt mainly bad news to the precious-metals miner.

In January, Sibanye-Stillwater bailed on an agreement to buy copper and nickel assets in Brazil for $1bn. A month later the seller, UK-based private equity fund Appian Capital Advisory, served notice of a $1.2bn claim against Sibanye-Stillwater for, among other allegations, defamation. Appian chair Michael Scherb says legal action in the UK’s high court threatens to tie up Sibanye-Stillwater for more than a year...

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