Finnish Minerals Group to invest EUR 40 million in the ramp-up of the Keliber lithium project

The shareholders of Keliber Oy, Sibanye-Stillwater (“SSW”) and Finnish Minerals Group Oy (“FMG”), have agreed on a financing arrangement to provide additional financial support for the Keliber lithium project during the ramp-up of production. The Keliber shareholders have agreed to extend a combined total of EUR 200 million in funding, with FMG providing a capital contribution of approximately EUR 40 million, corresponding to its 20% shareholding.

“The Keliber project is Europe's first fully integrated lithium project, and it is extremely important for both Finland's and Europe's battery value chain and mineral self-sufficiency. The financing agreed upon by the Keliber shareholders will enable the initial staged ramp-up of the mining and concentrator operations, which are significant milestones towards the production of lithium hydroxide,” says Matti Hietanen, CEO of FMG.

The Keliber lithium project is planned to produce approximately 15,000 tonnes of battery-grade lithium hydroxide per year for over 18 years. The construction phase of the fully integrated project (mine, concentrator, and refinery) has been completed, with total project capital invested to date of approximately EUR 783 million.

The first blast at the Syväjärvi open pit mine in February 2026 marked the commencement of mining and the staged project ramp-up.

The European Commission has granted the Keliber lithium project the status of a Strategic Project under the EU Critical Raw Materials Act, which underscores the project’s importance. FMG has been involved in developing the project since 2018.

After the financing arrangement, FMG's ownership in Keliber will remain at 20%. SSW owns 79.82% of Keliber, and a group of Finnish investors owns 0.18%. Taking additional funding into account, FMG has invested a total of EUR 118 million in Keliber through various financing rounds.

More information for the media:

Matti Hietanen, CEO, Finnish Minerals Group
firstname.surname(at)mineralsgroup.fi, +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. www.mineralsgroup.fi