Sibanye-Stillwater and Appian Capital Advisory have reached a commercial settlement agreement, resolving a four-year dispute over Sibanye-Stillwater’s terminated transaction to acquire shares of Atlantic Nickel and Mineração Vale Verde.
The Sibanye-Stillwater-Appian settlement agreement concludes a legal process that began in January 2022 and includes a total payment of $215m.
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Appian founder and CEO Michael W. Scherb said: “We are pleased to have reached a constructive resolution that reflects our commitment to acting in the best interests of our investors.
“This positive outcome allows us to close this matter on appropriate terms and focus our full attention on managing our funds and driving continued growth across our portfolio.”
The parties have reached a settlement ahead of the quantum trial.
Sibanye-Stillwater CEO Richard Stewart said: “The Board and management of the Group are convinced that the settlement of this protracted legal dispute is in the best interests of the Group and all its stakeholders.
“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, removing, on acceptable terms, a market overhang of close to four years after the proposed transaction with Appian was terminated.”
Sibanye-Stillwater is a mining and metals processing group focused on operations, projects and investments spanning five continents.
Earlier in July, Sibanye-Stillwater signed an agreement to acquire Metallix Refining, a US-based metals recycler, for a cash consideration of $82m (R1.45bn), with an enterprise value of $105m.
In December last year, Sibanye-Stillwater reached an agreement to sell the Beatrix 4 shaft, which includes the Beisa uranium project in South Africa, to Neo Energy Metals for R500m.
