Finnish Minerals Group increases its holding in the Keliber lithium project
Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to advise that as part of a previously announced rights issue to secure the outstanding equity funding for its Keliber Lithium project in Finland, the Finnish Minerals Group (which manages the Finnish State’s mining industry shareholdings), today announced that it will increase its holding in the Keliber project from 14% to 20%, by subscribing for €53.9 million of the €104 million rights issue total. After the rights issue, Sibanye-Stillwater will retain circa 79% in the Keliber project. while minority shareholders will hold the balance of the shares in Keliber Oy.
The laying of the earthworks for the Keliber lithium refinery (first phase of the project) in Kokkola, Finland began on 7 March 2023 with the foundation stone planned to be laid during a ceremony on 11 May 2023.
Mika Seitovirta, Head of the European region for Sibanye-Stillwater said: “The progress made on the project since it was approved last year, is very encouraging, while the support shown by the Finnish Minerals Group for the project, through this additional subscription, is a substantial vote of confidence in the project.”
The total Keliber project capital is estimated at ~€588 million (excluding sustaining capital) as per the Definitive feasibility study, with the initial equity funding of the project capital already secured through the increase of Sibanye-Stillwater shareholding to over 50%, and the remaining equity funding secured through the planned rights issue of about €104 million. The remaining project capital will be raised through debt funding.
Neal Froneman, CEO of Sibanye-Stillwater said “We are delighted with the progress of the Keliber project and the commitment of the Finnish Minerals Group as we advance and continue to grow our unique portfolio of green metals and enhance our presence supplying European battery metals industry.”
Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations.
Sibanye-Stillwater has established itself as one of the world’s largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to build and diversify its asset portfolio into battery metals mining and processing and is increasing its presence in the circular economy by growing and diversifying its recycling and tailings reprocessing operations globally. For more information refer to http://www.sibanyestillwater.com.
Keliber is an advanced lithium project, located in Kaustinen and Kokkola, Finland. Keliber aims to be the first European producer of battery-grade lithium hydroxide from its own mined ore reserves. Keliber is a subsidiary of Sibanye-Stillwater, a multinational mining and metals processing Group, with Finnish Minerals Group as the second largest shareholder, a state-owned company developing the value chain of lithium-ion batteries.
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