Sibanye Stillwater: Dispute over $522 Million Lawsuit with Appian Capital Advisory

The South African mining company Sibanye Stillwater is facing a $522 million claim from the investment firm Appian Capital Advisory. The issue stems from the failed acquisition of Appian’s Brazilian nickel and copper mines, which was originally supposed to cost $1.2 billion. According to James Wellsted, a spokesperson for Sibanye, the company considers the claims to be excessive and argues that Appian is entitled to either no compensation or significantly less. A spokesperson for Appian refused to comment. Following a ruling by the London High Court, Sibanye must compensate Appian, with the exact sum to be determined in a hearing in November 2025. The original agreement, made in October 2021, represented Sibanye's largest engagement in the battery raw materials sector to date. However, three months after the announcement, Sibanye pulled the plug, citing safety issues at the Santa Rita mine that would have significantly impacted future operating results. The lawsuit not only covers the difference between the agreed purchase price and the market value but also the costs of resale and mine management, as well as prejudgment interest. These financial challenges exacerbate the already tense situation for Sibanye, which is also dealing with declining prices for platinum group metals, putting additional pressure on CEO Neal Froneman.