Sibanye backs out of Brazilian base metal mines acquisition

JSE- and NYSE-listed Sibanye-Stillwater has decided to terminate its acquisition of the Santa Rita nickel and Serrote copper mines, both in Brazil, from Appian Capital for $1-billion and a 5% net smelter royalty over future production.

Sibanye intended to acquire operating companies Atlantic Nickel, which operates the Santa Rita mine, and Mineracao Vale Verder (MVV), which is developing the Serrote mine.