Country for PR: United Kingdom
Contributor: PR Newswire Europe
Monday, May 30 2022 - 16:00
Appian Files High Court Claim Against Sibanye-Stillwater Following Termination of US$1.2 Billion Transaction
LONDON, May 30, 2022, /PRNewswire-AsiaNet/--


--  Appian's claim against Sibanye in High Court of England and Wales follows 
    previous notice of claim
--  Appian seeks to recover the significant damages which have resulted from 
    Sibanye's Refusal to close a transaction worth over US$1.2 billion to 
    acquire two mines in Brazil; and
-- Incorrect assertion that a material adverse effect had occurred at one of the
-- Appian is seeking to recover its losses in full, and Sibanye's failure to 
   close the transaction and incorrect public statements have materially damaged
   the market perception of Atlantic Nickel and Appian

Funds sponsored by Appian Capital Advisory LLP ("Appian" or the "Company") have 
filed a claim at the High Court of England and Wales seeking compensation from 
Sibanye-Stillwater Limited and its subsidiary Sibanye BM Brazil (Pty) Ltd 
(together, "Sibanye") for Sibanye's failure to close on a transaction, together 
with other associated material breaches. The claim relates to Sibanye's 
unlawful breach of two sale and purchase agreements ("SPAs") for its 
acquisition of Brazilian mining companies Atlantic Nickel and Mineração Vale 
Verde from Appian, and follows the notice of claim served by the Company on 
Sibanye on 16 February 2022.

Sibanye's termination was based on the incorrect assertion that a geotechnical 
instability at Atlantic Nickel's Santa Rita mine constituted a material adverse 
effect ("MAE") under the terms of the relevant SPA. In reality, the event, 
which Sibanye had previously assessed as an occurrence "to be anticipated in 
mature mining operations", had minimal impact on the mine. Appian considers 
that Sibanye has improperly relied on the event to avoid its legal obligations 
and that Sibanye wished to terminate the SPAs for commercial reasons unrelated 
to the geotechnical event. Despite repeated requests, Sibanye has failed to 
provide Appian with any contemporaneous evidence to support its alleged 
assessment that the geotechnical instability amounted to an MAE prior to its 
refusal to close under the SPAs.

Sibanye's failure to close the transaction and incorrect public statements in 
relation to the Santa Rita mine have materially damaged the market perception 
of Atlantic Nickel and Appian. Through these proceedings, the Company is 
seeking to recover its losses in full.

For further information:

Finsbury Glover Hering +44-(0)20-7251-3801 /  
Charles O'Brien, Richard Crowley, Theo Davies-Lewis

Appian Capital Advisory +44-(0)20-7004-0951 /

About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to long-term value 
focused private equity funds that invest solely in mining and mining related 

Appian is a leading investment advisor in the metals and mining industry, with 
global experience across South America, North America, Australia and Africa and 
a successful track record of supporting companies to achieve their development 
targets, with a global operating portfolio overseeing nearly 5,000 employees.

Appian has a global team of 54 experienced professionals with presences in 
London, Toronto, Lima, Belo Horizonte, Montreal and Sydney.

For more information, please visit:, or find us 
on LinkedIn or Instagram.

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SOURCE: Appian Capital Advisory