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

Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) said on Monday it has completed a multidisciplinary assessment of its Keliber lithium project in Finland.  

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 the EU’s most advanced integrated mine-to-market lithium project and 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 construction phase, including cold commissioning of the fully integrated project remains on track for completion in Q1 2026. The total capital investment to complete the construction phase is estimated to be approximately €783 million, the company said.  

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

The staged commissioning of the mine, concentrator, and refinery reduces project 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.  

Sibanye added that the staged approach also maintains 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 said.