By Jaime Llinares Taboada


Appian Capital Advisory LLP has filed a claim against Sibanye-Stillwater Ltd. seeking compensation for the termination of the acquisition of two mines in Brazil.

Appian, the London-headquartered investment advisor to the funds that own the mines, said Monday that its claim in the High Court of England and Wales seeks to recover its losses in full.

In October, Sibanye agreed to buy the Santa Rita nickel mine and the Serrote copper mine in Brazil for $1 billion in cash and a royalty valued at $218 million. However, in January the South African company decided to terminate the deal after a geotechnical event occurred at Santa Rita that was deemed to be material and adverse to the site.

Appian argues that the termination was unlawful and based on the incorrect assertion that a geotechnical instability at Santa Rita constituted a material adverse effect.

Later on Monday, Sibanye-Stillwater said that it would defend itself against the claim.


Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT


(END) Dow Jones Newswires

05-30-22 0518ET