Sibanye faces $522M compensation claim over terminated Brazilian mines deal
Sibanye Stillwater (NYSE:SBSW), a leading South African mining company, is confronting a massive $522 million compensation claim from investment firm Appian Capital Advisory.
The claim stems from the termination of a $1.2 billion agreement that would have seen Sibanye acquire Appian's Brazilian nickel and copper mines, the company disclosed on Monday.
The deal, which was originally intended to bolster Sibanye's presence in the critical metals sector, fell through, prompting Appian to seek damages.
According to Sibanye spokesperson James Wellsted, Appian has put forward a demand for up to $522 million in compensation.
However, Sibanye maintains a strong defense, arguing that Appian should receive either no damages or a significantly reduced amount.
Appian Capital Advisory has yet to provide an official comment on the matter, keeping the details of its position under wraps.
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