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Finnish Minerals Group invests EUR 54 million in Keliber’s lithium mine and hydroxide refinery project

We strengthen European lithium production by participating in Keliber’s financing.


25. April 2023

The mining and battery holding and development company Finnish Minerals Group has decided to participate in the directed share issue that Keliber announced in 2022 by investing EUR 53.95 million in the company. The investment will increase Finnish Minerals Group’s holding in Keliber from about 14 per cent back to 20 per cent. Before this investment, Finnish Minerals Group, and previously Finnish Industry Investment Ltd, have invested a total of EUR 16.7 million in Keliber.

Keliber holds several well-studied mineral deposits in Central Ostrobothnia, Finland located in an area of around 500 square kilometres. Its proven and probable ore reserves amount to 12.7 million tonnes.

In August 2022, Keliber’s lithium hydroxide refinery received the final environmental permit, and later that year, the company announced the start of preparations for construction in Kokkola Industrial Park. In December 2022, environmental and water management permits were also granted for the Rapasaari mining site and the Päiväneva concentrator plant. The company aims to start lithium hydroxide production in 2025. The total investment of around EUR 590 million is based on an integrated production process. 

“We have been involved in the development of Keliber since 2018, and as an owner, we can be very pleased with how the company and our shareholder value have developed. Lithium has been classified as a critical raw material in the EU, both economically and in terms of security of supply. Keliber’s flagship project supports the availability of European battery-grade lithium hydroxide and the electrification of road transport, contributing to the green transition. As a long-term owner of the company, it will continue to be important to us that Keliber has a key position in the Finnish mining industry and battery value chain,” says Matti Hietanen, CEO at Finnish Minerals Group. 

As a result of the funding arrangement that Keliber prepared in summer 2022, Sibanye-Stillwater, an international company focusing on mining operations and mineral refining, became Keliber’s largest owner and the main financier of the project. Finnish Minerals Group is the second-largest owner of Keliber and also participated in the company’s earlier funding rounds since 2019.


More information for the media:

Matti Hietanen, CEO, Finnish Minerals Group
firstname.surname(at), +358 40 823 8806


The mission of Finnish Minerals Group is to responsibly maximise the value of Finnish minerals. We manage the State’s mining industry shareholdings and strive to develop the Finnish value chain of lithium-ion batteries. Through our work, we contribute to Europe moving towards electric transport and a more sustainable future.