Sibanye Gains After $215 Million Deal to Settle Appian Spat

Sibanye Stillwater Ltd.’s shares surged after the South African firm agreed to pay Appian Capital Advisory Ltd. $215 million to settle a dispute over its decision to terminate a deal to buy two Brazilian mines.

The settlement was announced on Monday, just as a trial to determine damages was due to begin in London. Sibanye previously said that Appian could have recovered more than $700 million from a judgment that would have been expected early next year.