Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to announce that at a ceremony held at the Kokkola Industrial Park (KIP) in Finland today, it laid the foundation stone of the Keliber lithium refinery. The earthworks for the Keliber lithium refinery commenced on 7 March 2023, with pleasing progress to date.
The laying of the foundation stone marks the ceremonial launch of the Keliber lithium project, which is expected to supply the first integrated, regionally produced lithium into the European green energy ecosystem. The competitive regional positioning of this project, with its strong ESG credentials, is set to deliver the greenest primary lithium into the growing European battery market.
Approximately €231million of the €588 million estimated total capital expenditure for the Keliber lithium project (excluding sustaining capital), is planned for investment during 2023. Following completion of the recent rights issue, the required funding for 2023 is in place, with the remaining project capital expected to be debt financed.
Sibanye-Stillwater currently owns approximately 79% of the Keliber project while the Finnish Minerals Group (which manages the Finnish State’s mining industry shareholdings), owns 20%.
Neal Froneman, CEO of Sibanye-Stillwatersaid “It is a central part of Sibanye-Stillwater’sbusiness ethos to create superior shared value for all our stakeholders. In addition to delivering critical green metals into the European ecosystem, the Keliber lithium project is expected to provide employment for over 300 people over its current expected life of 16 years. The project will also create new opportunities for local suppliers of goods and services, and is acknowledged as a significant contributor to the growth of the local economy in future.”
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