Sibanye-Stillwater terminates $1bln Brazilian copper and nickel deal
2022-01-25 13:58:52 [Print]
South African miner Sibanye-Stillwater has ended a $1 billion deal to acquire the Santa Rita nickel and Serrote copper mines in Brazil from Appian Capital Advisory.
The company said the decision followed a "geotechnical event" at Santa Rita, one of the world's largest nickel-cobalt sulphide open pit mine, which the company thought it to be "material and adverse to the business."
Appian Capital reacted by saying that Sibanye-Stillwater had no basis to lawfully terminate the agreement to purchase the Brazilian assets. It noted the "geotechnical event" cited by the company referred to a localized fracture that occurs in the course of open pit operations.
Appian added it was assessing all of its legal options and will take all necessary action to enforce its legal rights.
The company said the decision followed a "geotechnical event" at Santa Rita, one of the world's largest nickel-cobalt sulphide open pit mine, which the company thought it to be "material and adverse to the business."
Appian Capital reacted by saying that Sibanye-Stillwater had no basis to lawfully terminate the agreement to purchase the Brazilian assets. It noted the "geotechnical event" cited by the company referred to a localized fracture that occurs in the course of open pit operations.
Appian added it was assessing all of its legal options and will take all necessary action to enforce its legal rights.
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