Sibanye-Stillwater Marks Strategic Entry into Battery Metals Sector

The transaction is expected to be completed in March 2021, subject to approval by the South African Reserve Bank.

SEATTLE (Scrap Monster): South African miner Sibanye-Stillwater announced entry into battery metals sector, by signing an agreement to invest in Keliber Oy- an European lithium company. This is the company’s first strategic step into the sector. The transaction is expected to be completed in March 2021, subject to approval by the South African Reserve Bank.

As per the agreement, the miner will make an initial phased equity investment of EUR30 million, for an approximate 30% equity shareholding into Keliber. In addition, it will offer a further EUR10 million equity issuance to Keliber’s existing shareholders, on the same terms. An updated and enhanced definitive feasibility study is expected to be completed within 18 to 24 months. After this, Sibanye-Stillwater will have an option to acquire a majority shareholding in Keliber.

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Sibanye-Stillwater Posted Record Financial and Operational Results

The Keliber project consists of several advanced stage lithium spodumene deposits, with significant exploration upside. The project in the Kaustinen region of Finland currently has 9.3 million tonnes of ore reserves, with an estimated annual production of 15,000 tonnes of battery grade lithium hydroxide. The production is expected to start in 2024.

Sibanye-Stillwater aims to develop the project to be the first vertically integrated lithium prodiucer in Europe.

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