Sibanye-Stillwater faces $1.2B legal battle over Brazil mine deal (NYSE:SBSW)

Sibanye-Stillwater faces $1.2B legal battle over Brazil mine deal (NYSE:SBSW)

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Investment firm Appian Capital Advisory has served Sibanye-Stillwater (NYSE:SBSW) with a notice of claim seeking compensation for the termination of a planned billion-dollar acquisition of two mines in Brazil, Reuters reports.

Appian said the deal for the Santa Rita nickel mine and Serrote copper-gold mine was worth more than $1.2B and called Sibanye’s failure to close on it “unlawful,” according to the report.

Sibanye pulled out of the deal in January, citing geotechnical instability at the Santa Rita mine which it said would have a material and adverse impact on mining operations there, a claim Appian said is false.

Separately, South Africa’s Solidarity union says it has accepted Sibanye’s final wage offer and will discontinue any further organized labor action; other unions – AMCU, NUM and UASA – have not commented.

Sibanye-Stillwater recently said United Steelworkers union members ratified a new collective bargaining agreement at its East Boulder mine in Montana.

Originally Posted on: https://seekingalpha.com/news/3808403-sibanye-stillwater-faces-12b-legal-battle-over-brazil-mine-deal?source=feed_tag_commodities
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