Appian’s $1.2bn claim puts a quarter of Sibanye profit at risk
Sibanye has been locked in a dispute with Appian Capital since January, when it backed out of a deal to pay $1.2bn for two mines owned by the buyout firm in Brazil
30 May 2022 - 13:29
UPDATED 30 May 2022 - 22:49
In a lawsuit that threatens to wipe out more than a quarter of Sibanye-Stillwater’s annual core profit, court proceedings in the Appian Capital $1.2bn (R18.5bn) claim against the SA mining heavyweight have started.
In a statement on Monday, Sibanye said it had received notice from Appian Capital to defend its decision in court to back out of a deal to pay the latter $1.2bn for two mines it owns in Brazil. Sibanye pulled out of the agreement in January on the grounds that a failure of part of the wall of one of the mines had trashed the commercial merits of the transaction...
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