Keliber lithium project secures loan financing of up to 500 million euros

The majority owner of the Keliber lithium project, Sibanye-Stillwater, has today announced a green loan financing facility, which enables the construction phase of the Keliber project to be completed and the production of battery-grade lithium hydroxide to begin.

The green loan of up to EUR 500 million is a distinctive credit facility, comprising a bank financed EUR 250 million tranche guaranteed by Finnvera as Export Credit Agency (ECA), a EUR 150 million tranche provided by the European Investment Bank (EIB) and a EUR 100 million syndicated commercial bank tranche.

For EIB, this financing marks the first support for the mining of critical raw materials in the European Union (EU) and is an important step towards the EU’s strategic autonomy and self-sufficiency of lithium, a critical raw material in the green transition.

“To Finnish Minerals Group, the Keliber lithium project is a flagship project, which we as an anchor owner have advanced since 2018 and later on in cooperation with our partner, Sibanye-Stillwater. The project has already taken determined steps forward with the construction of the refinery and mining sites. Today, we see the Keliber lithium project as an integral part of the Finnish battery value chain and at the same time as the first integrated lithium project in Europe. The financing solution that has now been secured enables the construction phase to be completed and the production of battery-grade lithium hydroxide to begin,” states Matti Hietanen, CEO of Finnish Minerals Group.

“The EUR 500 million green financing package is a key milestone for the Keliber lithium project. The package provides cost-effective funding to complete the development of the unique Keliber lithium project, aiming to be the first integrated battery-grade, high-purity lithium operation in Europe. We are most delighted with the strong support from a diverse group of financiers, including Finnvera and the European Investment Bank,” says Mika Seitovirta, Chief Regional Officer of Sibanye-Stillwater Europe.

The financing solution that has now been secured complements Keliber's previous financing arrangement for the construction and development of the lithium refinery, concentrator and mining areas in Kokkola, Kaustinen and Kronoby, Finland.

More information for the media:

Matti Hietanen, CEO, Finnish Minerals Group
firstname.lastname(at)mineralsgroup.fi, +358 40 823 8806

Katri Kauppila, VP, Communications
firstname.lastname(at)mineralsgroup.fi, +358 40 569 9200
 

Finnish Minerals Group

The mission of Finnish Minerals Group is to responsibly maximise the value of Finnish minerals. We manage the State’s mining industry shareholdings and strive to develop the Finnish value chain of lithium-ion batteries. Through our work, we contribute to Europe moving towards electric transport and a more sustainable future. www.mineralsgroup.fi

Sibanye-Stillwater

Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations.

Sibanye-Stillwater has established itself as one of the world’s largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to build and diversify its asset portfolio into battery metals mining and processing and is increasing its presence in the circular economy by growing and diversifying its recycling and tailings reprocessing operations globally. www.sibanyestillwater.com

Keliber

Keliber is an advanced lithium project, located in Kaustinen and Kokkola, Finland. Keliber aims to be the first European producer of battery-grade lithium hydroxide from its own mined ore reserves. Keliber is a subsidiary of Sibanye-Stillwater, a multinational mining and metals processing Group, with Finnish Minerals Group as the second largest shareholder, a state-owned company developing the value chain of lithium-ion batteries.