---
title: "Sibanye reaches $215m settlement with Appian over scuppered deal - but it could have been worse"
description: "It’s good news for Sibanye - there were concerns that the figure could have reached over $700m - and now the company can focus on its operations and assets without this cloud hanging over its head."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "DISPUTE RESOLUTION"
author: "Ed Stoddard"
author_url: "https://www.dailymaverick.co.za/author/ed-stoddard/"
canonical_url: "https://www.dailymaverick.co.za/article/2025-11-10-sibanye-reaches-215m-settlement-with-appian-over-scuppered-deal-but-it-could-have-been-worse/"
published: "2025-11-10T21:07:38"
updated: "2025-11-10T21:07:40"
lang: "en-ZA"
word_count: 513
---

# Sibanye reaches $215m settlement with Appian over scuppered deal - but it could have been worse

> It’s good news for Sibanye - there were concerns that the figure could have reached over $700m - and now the company can focus on its operations and assets without this cloud hanging over its head.

By Ed Stoddard · Published 10 November 2025, 23:07 SAST · Updated 10 November 2025, 23:07 SAST

## Key points
- In a classic case of corporate tug-of-war, Sibanye-Stillwater and Appian Capital settled their nickel-and-copper spat for a cool $215-million.
- Sibanye-Stillwater and Appian Capital settle for $215-million to resolve a dispute over a terminated $1-billion asset acquisition.
- The settlement follows a High Court ruling that deemed Sibanye's cancellation unjustified, averting a potentially costly trial.
- Sibanye's share price surged over 6% following the announcement, buoyed by rising gold prices and a manageable settlement figure.
- New CEO Richard Stewart can now concentrate on operational excellence, as the settlement clears uncertainty from Sibanye's investment profile.

## Content

JSE-listed Sibanye-Stillwater and Appian Capital have reached a $215-million (R3.6-billion) commercial settlement to resolve a dispute triggered by the former’s termination of a transaction to acquire Brazilian nickel and copper assets from the latter for $1-billion, the two companies said in a joint statement on Monday.

Sibanye pulled the plug on the deal after a “geotechnical event” at the Santa Rita nickel mine, which it regarded as an adverse material event.

But the High Court of England and Wales ruled last year that Sibanye’s decision to cancel the transaction was not justified on such grounds, setting the stage for a trial that was supposed to begin this week to determine how much the diversified South African metals producer would potentially have to fork out.

**Read more:**[Loaded for Bear - A $600m damages claim looms as latest setback in Sibanye’s recovery](https://www.dailymaverick.co.za/article/2024-10-14-loaded-for-bear-a-600m-damages-claim-looms-after-latest-setback-in-sibanyes-recovery/)

The settlement that was reached averted the need for a trial and will see Sibanye pay $215-million, including £5-million (R112-million) in legal fees already paid to Appian. Sibanye had said earlier this year in its H1 results that “Appian’s recoverable loss (including interest) may be up to US$721-million.”

The fact that the settlement only amounted to less than a third of the highest figure being pursued helped to light a fuse under Sibanye’s share price on Monday, sending it more than 6% higher. Rising gold prices on Monday certainly provided an additional underpin.

### Ed's take

It seems one of the parties blinked and the outcome was favourable for Sibanye. Analysts I had spoken to anticipated that it could have been much worse, and now investors know exactly how much Sibanye will pay and the view is that the company can take it on the chin. These disputes are never pleasant and they suck up time and energy - and legal fees are not small.

“This is positive as not only are they able to comfortably pay this settlement out of current treasury, but it also removes any overhang for Sibanye-Stillwater, allowing them to focus on consistent operational delivery and growth,” BMO Capital Markets said in a note on the settlement.

Indeed, uncertainty over the outcome - any decision reached by the court was only expected early next year - was a cloud over Sibanye’s investment profile, and now it has been cleared up.

Sibanye made almost $560-million in adjusted Ebitda (Earnings before interest, taxes, depreciation and amortisation) last quarter, and gold and PGM prices are higher now. The company is also expected to reap cash from tax credits - so it is well positioned to pay this amount which, while material, is not perhaps not “adversely” so - or at least as adverse as it could have potentially been in the eyes of the market.

**Read more:**[After soaring growth, Sibanye Stillwater is getting back to basics, but broad vision remains](https://www.dailymaverick.co.za/article/2025-10-14-after-soaring-growth-sibanye-stillwater-is-getting-back-to-basics-but-broad-vision-remains/)

For new CEO Richard Stewart, who took the helm on 1 October, the settlement removes a massive headache from his in-box and allows him to focus on his stated goal of achieving operational excellence from Sibanye’s current suite of assets. **DM**