Sibanye Stillwater Limited (Sibanye-Stillwater) has increased its effective shareholding in Keliber Oy (Keliber) to 84.96%. At the end of June 2022, Keliber announced a financing arrangement that enables the lithium project to progress to the construction phase.

In the first stage of the financing arrangement, Sibanye-Stillwater exercised its pre-emptive right to increase its shareholding in Keliber to 50% plus 1 share investing EUR 146 million in Keliber for new shares which are expected to be registered with the Finnish Trade Register by the end of this month.

Sibanye-Stillwater also made a voluntary cash offer to minority shareholders of Keliber, other than Finnish Minerals Group, which has resulted in Sibanye-Stillwater’s shareholding increasing to an effective 84.96% for a further cash consideration of approximately EUR 190 million.

Finnish Minerals Group currently holds an effective 13.90% of Keliber and other remaining minority shareholders, which elected not to accept the voluntary cash offer, holding an effective 1.14%.

The second stage of the financing arrangement will involve a capital raise, which will be fully underwritten by Sibanye-Stillwater. The maximum total investment in the capital raise by Sibanye-Stillwater is around EUR 104 million depending on the extent to which minorities and the Finnish Minerals Group participate.

Conventional debt facilities to at least match the €250 million equity contribution, are currently being negotiated with third party lenders to fund construction of the project.

For further information, please contact
Mika Seitovirta, Chairperson, Keliber Board of Directors, tel. +358 50 568 7715, mika.seitovirta@keliber.fi