At a Glance
- Sibanye, Appian settle $215 million Brazil mines dispute, shares jump 5% JSE.
- Settlement ends legal battle after failed $1.2 billion nickel, copper deal.
- Sibanye reports strong Q3 EBITDA of $576 million, expands chrome production deals.
South African mining company Sibanye-Stillwater and investment firm Appian Capital Advisory have agreed to a $215 million settlement over a canceled $1.2 billion deal for Appian’s Brazilian nickel and copper mines, the companies said Monday.
Sibanye shares jumped more than 5 percent on the Johannesburg Stock Exchange, alongside gains in other gold and platinum producers supported by higher metal prices.
The agreement comes after London’s High Court ruled in October 2024 that Sibanye must compensate Appian for the failed transaction. The settlement was announced a day before a hearing to determine the final award.
“We are pleased with the commercial settlement, which avoids further legal proceedings and related costs, and provides certainty for our group and stakeholders,” Sibanye CEO Richard Stewart said.
Appian founder and CEO Michael W. Scherb described the outcome as a “constructive resolution,” adding that it allows the firm to “focus on managing our funds and supporting continued growth across our portfolio.”
Background on the dispute
The compensation case arose after Sibanye canceled its January 2022 acquisition of the Santa Rita and Serrote mines in Brazil. Appian, headquartered in London, manages the Appian Natural Resources Funds, which invest in metals, mining, and related industries.
Sibanye-Stillwater, founded in 2013, operates across gold, platinum group metals (PGMs), nickel, chrome, and copper. The company is also active in recycling, tailings reprocessing, and battery metals.
In the third quarter of 2025, the miner reported adjusted EBITDA of R9.9 billion ($575.8 million), a nearly threefold increase from the previous year, highlighting strong operational performance.
Leadership and recent moves
Richard Stewart, became CEO on October 1, 2025, succeeding Neal Froneman, who led the company for 12 years. Stewart, with his strategic leadership joined Sibanye-Stillwater in 2014 and has held senior roles across operations, business development, and regional management in Southern Africa.
Last month, the company signed new agreements for chrome production with the Glencore Merafe Venture, reflecting its continued expansion in metals markets.
Appian, founded in 2011, remains focused on long-term investments in mining and related industries, with this settlement allowing both firms to move past the dispute.
