Keliber lithium project is well advanced
The completion of the construction/development stage of the Sibanye Stillwater Keliber lithium project is well advanced, with hot commissioning of the refinery planned for Q1 2026. At the lithium refinery in Kokkola, the main equipment installation has been completed and office and laboratory buildings have been approved for use. Pre-commissioning activities for the refinery started in Q1 2025 and cold commissioning is planned to commence during Q2 2025.
Similarly, the construction works on the second phase of the Keliber lithium project comprising the concentrator in Paivaneva and the development of the Syvajarvi open pit mine are progressing well.
The Keliber lithium project has received all key permits, but some permit conditions remain subject to further review by the permitting authority:
- Rapasaari-Paivaneva environmental permit (EP) is legally valid since April 2024 following Vaasa administrative court ruling which also included sending certain permit conditions back to the permitting authority for further review
- For the Paivaneva concentrator, the application concerning the permit conditions subject to further review was submitted in May 2024.
- The hearing process was completed in Q1 2025 and the permit decision is expected in Q2 2025. The EP allows the construction of the concentrator, but commencement of production is subject to the permitting authority’s review and the issuing of an enforceable permit decision
- For the Rapasaari mine, the application concerning the permit conditions subject to further review was submitted in Q1 2025
- Syvajarvi mine is planned to supply all feedstock to the concentrator for the first five years in an updated production schedule to mitigate the risk of a potential Rapasaari permit delay
As communicated in February 2025, a review of the capital requirements to complete the construction stage of the Keliber lithium project was undertaken during March 2025 to ensure that capital expenditure increases resulting from additional regulatory requirements and changes to the scope of the project were incorporated in the final project capex forecasts.
Revised total capital for the development/construction stage of the project (excluding interest to be capitalised) to the hot commissioning stage of the refinery, currently expected in H1 2026, has increased by EUR116 million (R3.2 billion) to EUR783 million (R15.2 billion) from EUR667 million (R13.0 billion). Total aggregated project capital expenditure at the end of Q1 2025, was EUR508 million (R9.9 billion).
Reviewed capital expenditure for 2025 is forecast at EUR300 million (R5.9 billion) (previously EUR215 million (R4.3 billion)) with capital expenditure (including capitalised interest and other capitalised expenditure outside the initial scope of the project, e.g. exploration) for Q1 2025 of EUR73 million (R1.4 billion).
