Sibanye-Stillwater Pays $215 Million to Settle Appian Capital Lawsuit Over Failed Brazilian Nickel Acquisition
South African precious metals producer Sibanye-Stillwater has agreed to pay $215 million to funds managed by Appian Capital Advisory to settle a long-running legal dispute over a failed acquisition of Brazilian nickel assets.
The settlement, announced on Monday, concludes nearly four years of litigation following Sibanye-Stillwater’s decision to terminate its 2022 agreement to purchase Atlantic Nickel and Mineração Vale Verde from Appian. The total payment includes $5 million in legal fees previously paid by Sibanye-Stillwater.
The agreement was reached just before a damages trial was scheduled to begin, allowing both parties to avoid further legal expenses and uncertainty.
“We are pleased to have reached a constructive resolution that reflects our commitment to acting in the best interests of our investors,” said Michael Scherb, founder and CEO of Appian Capital Advisory.
“This positive outcome enables us to close this matter on appropriate terms and refocus on managing our funds and driving continued growth across our portfolio.”
Richard Stewart, CEO of Sibanye-Stillwater, described the settlement as a pragmatic and beneficial decision for the company and its stakeholders.
“We are satisfied with the commercial settlement, which prevents further legal proceedings and associated costs,” Stewart said. “This agreement provides certainty for the group and its stakeholders, removing — on acceptable terms a market overhang that has persisted since the termination of the proposed transaction with Appian nearly four years ago.”
The dispute stemmed from Sibanye-Stillwater’s withdrawal from the planned acquisition, citing what it described as a “material adverse effect” on the value of the Brazilian assets.
Appian subsequently launched legal proceedings in the United Kingdom, seeking damages.
The settlement now brings closure to one of Sibanye-Stillwater’s most significant legal challenges in recent years, enabling both companies to move forward with renewed strategic focus.
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