The European Investment Bank (EIB) has announced a €150 million loan to support the development of the Keliber lithium project in Finland.
Article continues below
This financing is part of a larger €500 million package aimed at establishing the EU’s first integrated battery-grade lithium hydroxide production facility, a key component for the electrification of transport.
The Keliber project, operated by Finnish mining company Keliber Oy, a subsidiary of Sibanye-Stillwater, will focus on extracting and processing lithium from one of Europe’s largest lithium reserves in the Kaustinen region.
The initiative is backed by the European Commission’s InvestEU programme, which seeks to mobilize substantial investments across Europe to drive sustainable growth.
This investment marks the first time the EIB has supported the mining of critical raw materials within the EU, reflecting the growing importance of lithium for the European market.
As the demand for electric vehicles surges, securing a stable and sustainable supply of battery materials has become crucial for the EU’s climate goals and energy independence.
The project will not only contribute to the EU’s strategic autonomy in raw materials but also bolster the region’s resilience in the rapidly expanding battery sector.
The production of battery-grade lithium hydroxide is set to begin in 2025, positioning Keliber as a pioneer in Europe’s green transition.
The Keliber lithium project is the most advanced lithium project in Europe dedicated to supplying the electric vehicle (EV) battery sector.
Sibanye-Stillwater is planning to implement the best available technologies, combined with the integrated business model and close proximity of mining and refining facilities meaning that Keliber will be amongst the world’s most CO2 efficient producers of lithium hydroxide.
The Keliber lithium mining and battery chemical project is expected to produce up to 15,000 tonnes per annum battery-grade lithium hydroxide with production from third-party ore expected to start in 2025 and from own ore in 2026. ■