Sibanye-Stillwater has secured an additional 500 million euros (US$557.30 million) debt financing to complete the majority-owned Keliber lithium mine in Finland, reported Reuters. The South African producer said the financing, partly funded by the European Investment Bank (EIB), will help it bring the project to production in 2026.
James Wellsted, spokesperson for Sibanye-Stillwater, said the company will continue to advance the mine and processing plant as it sees potential for recovery in lithium prices. “We still have a strong conviction that there is going to be (lithium supply) deficits in the market and prices are going to increase,” Wellsted told Reuters.
Lithium prices have fallen about 70% over the past year, noted the news agency, because of weaker-than-expected global demand for electric vehicles, due in part to high borrowing costs and global economic uncertainty.
Keliber is expected to produce about 15,000 metric tons of battery-grade lithium annually for at least 16 years.
Source: Reuters