Sibanye Stillwater has secured a €500 million ($557.30 million) financing package to complete the Keliber lithium project in Finland. The South African mining company, which holds a 79.8% stake in Keliber after its 2021 investment, is diversifying from its traditional focus on platinum and gold into battery metals, driven by the global transition to cleaner energy. The remaining stake in the Keliber project is owned by the state-owned Finnish Minerals Group and other Finnish investors.
The financing includes €250 million from export credit guarantee agencies, including Finland’s state-owned Finnvera, €150 million from the European Investment Bank, and a €100 million syndicated tranche from commercial banks. This funding meets the final capital expenditure requirement of approximately €667 million to complete the project, with an additional €250 million previously raised through equity.
Matti Hietanen, CEO of Finnish Minerals Group, highlighted that the secured financing enables the completion of the construction phase and the start of production of battery-grade lithium hydroxide. The Keliber project is expected to produce around 15,000 metric tons of battery-grade lithium hydroxide monohydrate annually for at least 16 years.
Sibanye CEO Neal Froneman emphasized the strategic importance of the project for Europe’s clean energy transition, noting that the European lenders’ support significantly improves the group’s liquidity by effectively reserving existing group facilities for operational needs.
The financing announcement follows Sibanye’s recent agreement to a $101 million gold prepayment deal aimed at raising cash to help repay loans, after a decline in platinum group metal prices impacted the company’s income. 
