Sibanye-Stillwater has finalised a 500 million (R10bn) green financing package to advance its Keliber lithium project in Finland, marking a significant shift towards green energy and battery metals.
This financing includes a 150 million (R3bn) tranche from the European Investment Bank (EIB), alongside a 250 million (R5bn) Export Credit Agency (ECA) guaranteed tranche and a 100 million (R2bn) syndicated commercial bank tranche.
The Keliber project, located in Finlands Kaustinen, Kronoby, and Kokkola regions, aims to become the EUs first fully integrated producer of battery-grade lithium hydroxide, vital for electric vehicle batteries.
The financial package is designed to cover the total capital expenditure of approximately 656 million (adjusted for inflation) for the projects development, including mining, processing, and refining facilities. The financing aligns with the EUs InvestEU programme and marks the EIBs first direct support for mining critical raw materials within the EU.
Production at the Keliber project is scheduled to begin in 2025, initially using third-party ore, with full-scale operations from its own resources expected by 2026. The project is anticipated to produce up to 15 000 tonnes per annum of battery-grade lithium hydroxide.
The funding package provides cost-effective, long-term capital for the Keliber project, reinforcing its viability and ESG credentials, says Sibanye-Stillwater CEO, Neal Froneman .
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