The Company has been advised by Appian that subsequent to the signing of the Atlantic Nickel SPA and the MVV SPA a geotechnical event occurred at Santa Rita
Sibanye-Stillwater drops plans to acquire Santa Rita and Serrote mines in Brazil. (Credit: Alex Banner from Pixabay)
On 26 October 2021 Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) announced that it had entered into purchase and sale agreements with affiliates of funds advised by Appian Capital Advisory LLP (“Appian”) to purchase 100% of the Santa Rita nickel mine (“Santa Rita”) and the Serrote copper mine, both located in Brazil, for a cash consideration of US$1.0 billion and a 5.0% net smelter royalty over potential future underground production at Santa Rita (the “Atlantic Nickel SPA” and the “MVV SPA”, respectively).
The Company has been advised by Appian that subsequent to the signing of the Atlantic Nickel SPA and the MVV SPA a geotechnical event occurred at Santa Rita. The Company has assessed the event and its effect and has concluded that it is and is reasonably expected to be material and adverse to the business, financial condition, results of operations, the properties, assets, liabilities or operations of Santa Rita.
Accordingly, pursuant to the terms of the Atlantic Nickel SPA, Sibanye BM Brazil (Proprietary) Limited (the “Purchaser”), a wholly owned subsidiary of Sibanye-Stillwater, has today given notice of termination of the Atlantic Nickel SPA. As the MVV SPA is conditional on the contemporaneous closing of the Atlantic Nickel SPA, and that condition has become impossible to satisfy, the Purchaser has also today given notice of termination of the MVV SPA
Source: Company Press Release