The acquisition of the 2 operations was meant to spice up Sibanye’s vital metals portfolio because it sought to diversify away from platinum and gold.
Sibanye cited a geotechnical occasion at Santa Rita as the explanation for terminating the offers. Appian claimed the miner’s determination was based mostly on an “incorrect assertion”.
Within the ruling, handed down following a five-week trial, the choose Justice Butcher mentioned the geotechnical occasion utilized by Sibanye as purpose for withdrawing from the deal was neither anticipated to be materials nor fairly anticipated to turn into so.
Butcher famous there was “no different foundation on which Sibanye was entitled to terminate the sale and buy agreements.”
Appian mentioned it plans to recuperate the total extent of its losses, together with all pursuits collected since January 2022, when Sibanye walked away from the deal. A listening to to find out the precise quantity of those damages is scheduled for November 2025, the corporate mentioned.
Ought to Sibanye fail to pay the total quantity awarded within the trial, Appian mentioned it might pursue all obtainable enforcement measures.
Atlantic Nickel’s Santa Rita open pit mine within the Brazilian state of in Bahia is without doubt one of the few long-life nickel sulphide mines at present in manufacturing. It additionally yield copper, cobalt, and platinum group metals as by-products. The corporate is advancing the mine’s underground extension because it transitions from open-pit to underground operations. This shift to higher-grade nickel is anticipated to spice up manufacturing charges and lengthen the mine’s operational life to over 20 years.