Sibanye-Stillwater, the majority owner of the Keliber lithium project, has announced a significant green loan financing facility to support the construction and development of its facilities in Kaustinen, Kronoby and Kokkola, Finland. This green loan of up to EUR 500 million is pivotal for completing the construction phase and initiating the production of battery-grade lithium hydroxide.
The green loan comprises three main components:
- A EUR 250 million tranche financed by banks and guaranteed by Finnvera, the Export Credit Agency (ECA).
- A EUR 150 million tranche provided by the European Investment Bank (EIB).
- A EUR 100 million tranche from syndicated commercial banks.
This financing is a landmark for the EIB, representing its first support for mining critical raw materials within the European Union (EU). It marks a significant step towards the EU’s strategic autonomy and aims to enhance self-sufficiency in lithium, a crucial component for the green transition.
Matti Hietanen, CEO of Finnish Minerals Group, highlighted the importance of the Keliber lithium project, calling it a flagship initiative that has progressed since 2018 with the partnership of Sibanye-Stillwater. He emphasized that the project is integral to the Finnish battery value chain and represents Europe’s first integrated lithium project. The secured financing will enable the completion of construction and the start of battery-grade lithium hydroxide production.
Mika Seitovirta, Chief Regional Officer of Sibanye-Stillwater Europe, expressed enthusiasm about the EUR 500 million green financing package. He noted that it provides cost-effective funding crucial for the development of the Keliber lithium project, which aims to become Europe’s first integrated, high-purity lithium operation. He praised the robust support from a diverse group of financiers, including Finnvera and the European Investment Bank.
This financing solution complements Keliber’s existing financial arrangements for the construction and development of its lithium refinery, concentrator, and mining areas in Finland.