Diversified mining company Sibanye-Stillwater on Thursday celebrated the ceremonial launch of its Keliber lithium project, in Finland, with a foundation stone laying ceremony taking place at the Kokkola Industrial Park (KIK).
The earthworks for the Keliber lithium refinery, which is expected to supply the first integrated, regionally produced lithium into the European green energy ecosystem, started on March 7 and is progressing to plan.
Sibanye-Stillwater reported that about €231-million of the €588-million estimated total capital expenditure for the Keliber lithium project was planned for investment this year.
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.
“It is a central part of Sibanye-Stillwater’s business 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,” commented Sibanye-Stillwater CEO Neal Froneman.
JSE- and NYSE-listed Sibanye-Stillwater currently owns 79% of the Keliber project while the Finnish Minerals Group, which manages the Finnish State’s mining industry shareholdings, owns 20%.