Name of the Project
Keliber lithium hydroxide project.

Location
Central Ostrobothnia, Finland.

Project Owner/s
Sibanye-Stillwater owns 79.82% of Keliber Oy, with Finnish Minerals Group holding 20% and other Finnish shareholders 0.18%.

Project Description
The integrated Keliber project comprises seven proposed mining areas, the Päiväneva concentrator and a lithium hydroxide refinery in the Kokkola Industrial Park. The current production profile is centred on the Syväjärvi and Rapasaari opencast mining areas.

Ore is processed at the Päiväneva concentrator to produce spodumene concentrate, which will be transported about 66 km to the Kokkola refinery.
At full integrated production, the project is expected to produce about 15 000 t/y of battery-grade lithium hydroxide monohydrate for more than 18 years.

Potential Job Creation
The project is expected to provide employment for more than 300 people during operations.

Net Present Value/Internal Rate of Return
The amended 2022 definitive feasibility study estimates a net present value of €887-million at an 8% discount rate and an internal rate of return of 20%, based on a long-term lithium hydroxide price of $26 034/t.

Capital Expenditure
The approved capital forecast to complete the construction phase is €783-million in 2024 real terms. Cumulative construction-phase capital expenditure reached €719-million at June 30, 2026, excluding capitalised interest and exploration, after 2026 first half project expenditure of €58.5-million.

Planned Start/End Date
Mining at Syväjärvi started in February 2026 and hot commissioning of the Päiväneva concentrator started in April 2026. Stable spodumene concentrate production is targeted during the second half of 2026.

The project is being started in stages. Stable mining and concentrator operations are being prioritised before the refinery is commissioned, with the timing of refinery ramp-up to be determined in line with operational readiness and lithium-market conditions.

Latest Developments
Keliber has transitioned from construction into staged operations. By June 30, 2026, 217 500 t of ore had been mined at Syväjärvi and an ore stockpile of 185 500 t had been established.

During concentrator hot commissioning, the plant operated continuously for periods of up to 142 hours. The focus for the second half of 2026 is achieving stable concentrate production.

Work at the refinery is continuing within the approved capital programme and includes the procurement of critical spares, the remediation of issues identified during cold commissioning and testing, and selected reliability improvements ahead of future ramp-up.

The staged approach is intended to reduce integrated ramp-up risk and preserve capital flexibility by allowing for the remaining refinery capital and ramp-up expenditure to be aligned with operational readiness and lithium-market conditions.

Key Contracts, Suppliers and Consultants
Metso (soda pressure-leaching technology).

Contact Details for Project Information
Keliber Oy, tel +358 10 567 0600 or email info@keliber.fi.