Finnish Minerals Group Increases Stake in Keliber Lithium Project
Finnish Minerals Group (FMG) will increase its ownership in the Keliber lithium project to 20% by subscribing for €53.9 million in a rights issue. Sibanye-Stillwater will retain approximately 79%.
Sibanye-Stillwater announced that Finnish Minerals Group (FMG) is increasing its holding in the Keliber lithium project in Finland. FMG will subscribe for €53.9 million of the total €104 million rights issue, raising its ownership in Keliber Oy from 14% to 20%. Sibanye-Stillwater will retain approximately 79% of the project interest following the rights issue.
The project's first phase, a lithium refinery in Kokkola, Finland, commenced earthworks in March. The definitive feasibility study estimates the total capital requirement for the Keliber project at approximately €588 million, excluding sustaining capital. The remaining capital will be raised through debt financing.
Mika Seitovirta, Head of Sibanye-Stillwater's European region, commented that the progress made on the project since its approval last year is "very encouraging." He described FMG's increased subscription as a substantial vote of confidence in the project.
Sibanye-Stillwater CEO Neal Froneman expressed satisfaction with the Keliber project's progress and FMG's commitment. He stated the project advances the company's "green metals" portfolio and strengthens its position in supplying the European battery metals industry.