02:05 PM EDT, 10/11/2024 (MT Newswires) -- Sibanye Stillwater ( SBSW ) is liable to compensate Appian Capital Advisory over the terminated $1.2 billion deal for the acquisition of the Santa Rita and Serrote mines in Brazil, a London judge ruled Thursday.

Judge Christopher Butcher ruled that Sibanye was not entitled to terminate the share purchase agreements because of the geotechnical event at Santa Rita as it "was not and would not reasonably have been expected to be material." The court also rejected a claim of willful misconduct against Sibanye.

Sibanye said in a statement Thursday that the proceedings will now progress through a trial listed for November 2025, at which time the court will determine the potential damages that the company may be required to pay Appian Capital.

Appian Capital said in a separate statement Thursday it will seek to fully recover losses.

SBSW shares were over 2% higher in recent trading.

Price: 4.19, Change: +0.10, Percent Change: +2.40