The board of directors of "Sibanye Stillwater" (Sibanye Stillwater) approved EUR 588 million in capital expenditure for the development of the lithium project "Keliber" (Keliber) in Finland, the company reported, quoted by BTA.

The South African miner took control of Finnish battery materials maker Kaliber in October, when it increased its stake to 85 percent, after acquiring a 30.29 percent stake in February.

Sibanie said the capital expenditure program will begin with the construction of a lithium hydroxide refinery in Finland's Kokkola industrial park, from where the company plans to enter the European battery market.

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"We are delighted to expand our presence in the European battery industry through Kaliber, which we expect to be the first fully integrated European lithium hydroxide producer, while also expecting to be one of the lowest carbon emitters in the industry." Sibanie CEO Neil Frohnman said in a statement.

Sibanie plans to increase its capital in Keliber by 104 million euros by the end of January, with at least 250 million euros to be borrowed to finance the construction of the project.

Finland

business and investment

batteries