Sibanye-Stillwater announced yesterday that it laid the foundation stone of the Keliber lithium refinery in Finland which has about €231 million (R4.8 billion) capital expenditure planned for it.
The earthworks for the Keliber lithium refinery commenced on March 7, 2023, with pleasing progress to date, it said.
According to Sibanye, 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,” it said.
Sibanye-Stillwater CEO Neal Froneman said: “It is a central part of Sibanye-Stillwater’s business ethos to create superior shared value for all our stakeholders.
“In addition to delivering vital green metals into the European ecosystem, the Keliber lithium project is expected to employ over 300 people in 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 the future,” he said.
Of the €588m estimated total capital expenditure needed, €231m is available for the Keliber lithium project excluding sustaining capital planned for investment during 2023.
“Following the 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 said.
Sibanye-Stillwater owns about 79% of the Keliber project, while the Finnish Minerals Group, which manages the Finnish state’s mining industry shareholdings, owns 20%.
BUSINESS REPORT