Finland’s Keliber lithium project, operated by Sibanye-Stillwater with Finnish Minerals Group as a state-backed partner, is advancing as one of Europe’s most integrated lithium developments, combining mining, processing, refining, logistics and battery-material supply within a single national industrial system.
The project is located across Kaustinen, Kokkola and Kronoby in Central Ostrobothnia, with spodumene ore transported from mining areas to the Päiväneva concentrator and onward to lithium hydroxide production planned at the Kokkola Industrial Park near the Port of Kokkola. The concentrator is located approximately 66 kilometres from the refinery site, enabling a consolidated logistics chain linking ore extraction, processing and chemical conversion.
Integrated mine-to-refinery lithium production system
Keliber is designed to produce 15,000 tonnes per year of battery-grade lithium hydroxide monohydrate over a mine life exceeding 18 years. The Päiväneva concentrator has an estimated capacity of around 200,000 tonnes per year of spodumene concentrate, with near-term production planning indicating approximately 140,000 tonnes per year during ramp-up phases.
The project is based on seven mining areas: Syväjärvi, Rapasaari, Emmes, Outovesi, Länttä, Tuoreetsaaret and Leviäkangas, with Syväjärvi and Rapasaari forming the primary open-pit production centres underpinning initial output.
As of 31 December 2024, Sibanye-Stillwater reported attributable mineral resources of 15.8 million tonnes at 1.2% lithium oxide, containing 471,000 tonnes of lithium carbonate equivalent. At company level, mineral reserves totalled 13.0 million tonnes, containing 311,000 tonnes of lithium carbonate equivalent, representing a 36.6% increase from previous estimates.
Mining development and early production activities
Mining activity at Keliber began in February 2026 with the first blast at the Syväjärvi open pit mine. By the end of Q1 2026, approximately 42,100 tonnes of ore had been extracted and stockpiled for concentrator commissioning.
The development sequence prioritises mine and concentrator operations ahead of refinery commissioning, reflecting a staged execution approach agreed between Sibanye-Stillwater and Finnish Minerals Group. The strategy is designed to manage lithium price exposure, commissioning risk and capital deployment timing across project phases.
Financing structure and public-private capital support
Keliber has secured a multi-layered financing structure combining commercial lending and public institutional support. In 2024, Sibanye-Stillwater arranged a green financing package of up to €500 million, including:
- €250 million export credit agency-guaranteed tranche
- €150 million European Investment Bank facility
- €100 million syndicated commercial bank tranche
The export credit structure is backed by Finnvera, which provides an 80% guarantee on the ECA tranche. Bank of America and Natixis Corporate & Investment Banking acted as coordinators and arrangers.
The project also benefited from previously raised equity funding of approximately €250 million. In May 2026, shareholders approved an additional €200 million support package for staged ramp-up activities, with Finnish Minerals Group contributing about €40 million, consistent with its 20% ownership stake.
Ownership structure and state industrial role
Ownership of Keliber is divided between Sibanye-Stillwater (79.82%), Finnish Minerals Group (20%), and Finnish private investors (0.18%). Finnish Minerals Group has invested approximately €118 million in the project across multiple financing rounds since 2018.
The Finnish state-backed entity functions as an industrial policy instrument, supporting development of domestic critical minerals capacity alongside broader national battery supply chain objectives.
Battery materials integration across Finland
Keliber forms part of Finland’s wider battery materials ecosystem, which also includes nickel and cobalt processing, cathode materials and downstream manufacturing.
The Terrafame operation in Sotkamo, in which Finnish Minerals Group holds a 56.2% stake, produces nickel and cobalt sulphates for battery applications. At full capacity, output is sufficient for battery material supply equivalent to approximately 1 million electric vehicles for nickel sulphate and 300,000 electric vehicles for cobalt sulphate, based on a 50 kWh battery reference model.
Terrafame integrates ore processing, bioleaching and metals recovery within a single industrial system and has set a target of carbon-neutral operations by 2039.
Cathode materials and downstream manufacturing expansion
In Kotka, the Easpring Finland New Materials joint venture is constructing a cathode active material plant, owned 70% by Beijing Easpring Material Technology and 30% by Finnish Minerals Group.
Construction reached rooftop level in late 2025, with sample production targeted for summer 2026 and commercial production expected in 2027. The facility is projected to employ approximately 270 people directly.
An economic impact assessment referenced by the company estimates:
- Over €180 million in annual tax revenue
- Nearly €400 million in additional GDP
- Around 3,000 person-years of total work input, including indirect effects
Easpring has indicated that access to Finnish-produced lithium hydroxide and precursor materials is strategically important for its supply chain development.
Industrial risks and project execution challenges
The Finnish battery materials sector has faced execution and permitting challenges. The BASF Harjavalta precursor cathode active materials plant experienced delays linked to permitting uncertainty, leading to change negotiations affecting employment at the site in 2024, before later receiving a final unappealable environmental permit. Separately, CNGR Advanced Material withdrew from a planned precursor plant project in Hamina in 2025, citing challenging market conditions.
These developments highlight structural risks associated with permitting timelines, market volatility and investment uncertainty within European battery material supply chains.
Strategic positioning within Europe’s lithium supply chain
Keliber has been designated as a Strategic Project under the EU Critical Raw Materials Act, supporting its regulatory and financing profile. However, the project remains exposed to lithium price volatility and global oversupply conditions following the earlier electric vehicle market expansion cycle.
Sibanye-Stillwater has recorded total impairments of R7.8 billion in 2025 related to Keliber, including a further impairment of R2.46 billion (approximately $152.6 million) driven by weaker long-term lithium hydroxide price assumptions. The asset was valued at approximately R9 billion after impairments.
The company has sought potential EU mechanisms to mitigate price volatility and improve investment stability for strategic lithium hydroxide production in Europe.
Keliber’s staged development model, integrated Finnish industrial infrastructure and multi-source financing structure position it as one of Europe’s most advanced lithium hydroxide projects, bridging mining, chemical processing and battery supply chain integration within a single national system.
