EUR 588 million (USD 616.22 million) of capital expenditure has been earmarked for a lithium project in Finland.
Diversified South African miner Sibanye-Stillwater is set to advance its Keliber lithium project in Finland, seeking a foothold in the European battery metals market. The company took control of Finnish battery chemicals maker Keliber in October after acquiring a 30.29% stake in February, raising its shareholding to 85%.
Sibanye-Stillwater said its board-approved capital expenditure programme would start with the construction of a lithium hydroxide refinery within Finland’s Kokkola Industrial Park, a logistics hub which the company hopes will become a feeder for the European battery sector.
Why it matters
“We are delighted to advance and grow our presence in the European battery metals industry through Keliber, which we expect will be the first fully integrated European lithium hydroxide producer supplying the European market with one of the lowest carbon emission footprints in the industry,” Sibanye-Stillwater’s Chief Executive Officer Neal Froneman said in a statement.
Lithium is one of the main components in batteries, with demand set to increase as the world rushes to curb climate change.