Construction on track for Q1 completion at Sibanye’s Keliber lithium project in Finland

Staff Writer | January 19, 2026 | 1:57 pm Battery Metals Suppliers & Equipment Top Companies Europe Lithium

Cost of Sibanye lithium project in Finland raises 17% to $880M

Keliber is expected to produce about 15,000 tonnes of battery-grade lithium annually for at least 16 years. (Image courtesy of Sibanye-Stillwater.)

Sibanye-Stillwater (JSE: SSW, NYSE: SBSW) said on Monday it is on track to complete construction and cold commissioning of its Keliber lithium project in Finland this quarter.

The Keliber lithium project is Europe’s (EU) most advanced integrated lithium project, with planned battery-grade lithium hydroxide monohydrate (LiOH) production of around 15,000 tonnes per annum for over 18 years, Sibanye said.

As one of the few LiOH refineries outside China, the project has been classified as a strategic project by the EU, aligned with the EU’s strategic initiative for critical minerals, the Critical Raw Materials Act (CRMA).

The total capital investment to complete the project’s construction is estimated to be approximately €783 million, according to the company.

Staged start

Sibanye and its strategic partner in the project, the Finnish Minerals Group, have agreed that a staged start-up of operations is the optimal way forward, given current market conditions.

A staged commissioning of the mine, concentrator and refinery would reduce the project’s ramp-up risk by initially ensuring operational readiness in the mining and concentrating stages, before making a decision on the timing of the commissioning of the refinery, the South African miner said.

Sibanye added that this approach would help maintain project financing flexibility by enabling capital expenditures and refining ramp-up costs to be deferred, based on lithium prices and other market factors.

The Finnish Minerals Group is preparing to participate pro rata to its equity stake in the project (20%) for additional financing required to sustain the project through the ramp-up period.

“The staged ramp-up we have agreed on with our strategic partner ensures that the Keliber lithium project advances responsibly, derisking the commissioning phase to ensure an optimal technical and commercial approach, balancing market realities with stakeholder interests,” Sibanye-Stillwater CEO Richard Stewart said in a news release.

“We have invested significant capital through the price cycle to complete the construction phase of the Keliber lithium project, ensuring this strategic asset is ready to deliver local supply into the EU battery value chain,” Stewart added.