Keliber Oy is a subsidiary of the diversified mining and metals processing Group Sibanye-Stillwater, with Finnish Minerals Group (FMG) as a minority shareholder. The funding aims to assist the EU in meeting the increasing demand for lithium in the electrification of transport. The agreement supports establishing mining and processing facilities in the Kaustinen area in Finland, which is among Europe's largest lithium reserves.
The EIB credit package consists of a €150 million direct loan from the EIB. Underlining the importance of lithium for Europe, the European Commission is providing a guarantee for the direct financing part under the InvestEU program. This loan marks the first EIB support for the mining of critical raw materials in the EU.
“This loan is an important step towards the EU's strategic autonomy,” said EIB Vice-President Thomas Östros, responsible for EIB operations in Finland. “This is the first mining transaction supporting critical raw materials that we finance in the EU, underlining that this topic is among the EIB Group's key priorities. Our partnership with Sibanye-Stillwater's Keliber lithium project aims to improve the EU's access to its battery materials while reinforcing the block's climate and energy resilience.”
By enhancing the EU´s access to lithium, the project strengthens European resilience in battery materials while contributing to sustainable and environmentally friendly transport. Lithium is a key material in high-performance Li-ion rechargeable batteries for electric vehicles, supporting the decarbonization of road transport.
Battery-grade lithium is considered a critical raw material by the EU due to its economic importance and potential supply shortages. As a result of the project, Keliber is set to become the first integrated commercial-scale battery-grade lithium hydroxide producer in the EU.
Mika Seitovirta, Chief Regional Officer of Sibanye-Stillwater Europe comments: “This is a significant step forward for our battery minerals strategy in Europe. The €500 million green financing package is a key milestone for Sibanye-Stillwater's 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 lithium operation in Europe. We are most delighted with the strong support from the European Investment Bank. Sibanye-Stillwater's Keliber's lithium project is expected to significantly strengthen Europe's self-sufficiency of this critical raw material in the green transition.”
Sibanye-Stillwater's Keliber lithium project aims to produce battery-grade lithium from its mineral resources and set up a lithium ore concentrator facility as well as a lithium hydroxide refinery. The plant will deploy an innovative, breakthrough manufacturing process at a commercial scale for the first time. Construction of the plant has already begun and production of lithium hydroxide is scheduled to start in 2025.
