Sibanye Stillwater Raises Keliber Lithium Project Capex by 17% Amid Strategic Shift to Clean Energy Materials

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Sibanye Stillwater, the Johannesburg-based diversified mining and metals company, has raised its capital expenditure estimate for the Keliber lithium project in western Finland by 17%, bringing the total projected cost to €783 million (about US$880 million). The revision reflects stricter regulatory requirements and adjustments to the project’s scope, which have influenced both infrastructure and operational plans.

In its latest operational update, the company noted that the revised estimate includes all development and construction costs up to the “hot commissioning” phase of the lithium refinery, which remains scheduled for the first quarter of 2026. By the end of March 2025, Sibanye Stillwater—holding a 79.8% ownership stake in Keliber—had already invested €508 million into the project.

The company also increased its 2025 capital allocation for Keliber from a previously planned €215 million to €300 million. This cost increase comes amid tighter regulatory oversight from Finnish and EU authorities, illustrating the growing complexity of compliance for strategic mineral projects in Europe.

Keliber plays a vital role in Europe’s efforts to secure a domestic supply of lithium, a key input for electric vehicle batteries and energy storage solutions. The facility is expected to produce 15,000 metric tonnes of battery-grade lithium hydroxide monohydrate annually over its 16-year operational life—reducing dependence on imports from outside the European Economic Area.

To support the project, Sibanye announced in August 2024 that it had secured €500 million in debt financing, a major portion of which is backed by the European Investment Bank. This backing underscores the EU’s commitment to building resilient supply chains for the clean energy transition.

Construction at the site is reportedly progressing well, and the company anticipates meeting its production schedule, with commercial operations set to commence in 2026. The Keliber project is a key component of Sibanye’s broader strategic pivot away from traditional gold and platinum group metals (PGMs) toward materials essential for the green energy economy.

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Historically focused on PGMs—crucial for vehicle emission control—Sibanye has significantly expanded into battery materials, reflecting global efforts to decarbonise and adopt sustainable energy technologies.

Beyond advancing Sibanye’s international footprint, the Keliber development strengthens Europe’s ability to secure critical raw materials. In a world increasingly shaped by supply chain disruptions and resource nationalism, such projects are central to ensuring energy and industrial sovereignty across the EU.