Sibanye Stillwater announced on Friday that the estimated cost of its Keliber lithium project in Finland has risen by 17 to 783 million 880 million, largely due to expanded regulatory requirements and alterations in the project's scope.
The increased budget reflects the mining companys commitment to pushing forward with the development despite rising costs.
The Johannesburg-headquartered firm, which holds a 79.8 stake in the Keliber project, expects the site to yield around 15,000 metric tonnes of battery-grade lithium annually over a projected 16-year lifespan, with production targeted to begin in 2026.
In an operational update, Sibanye stated, "Revised total capital for the development or construction stage of the project to the hot commissioning stage of the refinery - has increased by 116 million euros to 783 million euros." By the end of March 2025, the company had already invested 508 million in the venture.
Additionally, Sibanye revised its 2025 capital expenditure forecast for the project upwards to 300 million from a previous estimate of 215 million.