Finnish project developer Keliber on Friday announced that it had completed the first phase of a financing agreement with precious metals major Sibanye-Stillwater and that two of the South Africa-based company’s directors would join its board.
Keliber said that Sibanye-Stillwater had subscribed for €15-million worth of shares and that its board had directed a share issue of 375 000 new shares at €40 each for €15-million.
At the same time, a share issue of up to 250 000 shares was opened to the current shareholders of Keliber, facilitating additional total proceeds of up to €10-million.
Meanwhile, Keliber announced that Richard Stewart and Robert van Niekerk, from Sibanye-Stillwater’s executive committee, would join its board of directors.
Keliber will use the financing to advance its €340-million lithium project in central Ostrobothnia, Finland, with an aim of starting production in three years’ time.
The mine would produce an average of 15 000 t/y of battery grade lithium hydroxide. The project includes the development of a chemical plant in Kokkola, about 50 km from the mining area.