Did Neal Froneman get cold feet on Sibanye-Stillwater’s $1bn green metals acquisition? – Peter Major explains 

Mining guru Peter Major looks at the controversy behind Sibanye-Stillwater’s $1bn nickel and copper mine acquisition in Brazil. On Monday, Sibanye announced the deal would be terminated on the grounds that a “geotechnical event” occurred at the Santa Rita mine that would materially affect operations. However, the seller – private equity mining house Appian Capital Advisory – has come out and said there is no legal basis for Sibanye to terminate the deal as the incident wasn’t a materially adverse effect and occurs in the normal course of open-pit mines. Did renowned deal-maker and Sibanye CEO Neal Froneman get cold feet? The nickel price has remained robust since the deal was announced three months ago, so Peter Major believes it has more to do with another attractive acquisition target than valuation on an existing deal.