Sibanye-Stillwater gears up for Keliber Lithium start in 2026
Phased approach aims to balance risk, costs, and EU battery supply needs
Sibanye-Stillwater has confirmed that construction of its Keliber lithium project in Finland remains on track for the first quarter of 2026, with total capital investment now estimated at about EUR 783 million. The project is moving toward a staged start-up to align with current market conditions and ensure operational and financial resilience.
In an update released on 19 January 2026, the group said a comprehensive multidisciplinary assessment had been completed, focusing on start-up and optimisation options to ensure a responsible transition into operations. The review concluded that a phased commissioning of the mine, concentrator, and refinery would best manage risk while preserving financial flexibility.
Under the agreed approach with strategic partner Finnish Minerals Group, the mine and concentrator will be prioritised first, with the timing of the refinery commissioning to be decided later.
Sibanye-Stillwater said this approach reduces ramp-up risk by ensuring operational readiness at the early stages of the value chain, while allowing refining capital expenditure and ramp-up costs to be deferred depending on lithium prices and broader market conditions.
The assessment also identified several value engineering opportunities, which will be advanced alongside the staged commissioning to reduce unit costs and optimise operational processes. Finnish Minerals Group has confirmed it is preparing to contribute pro rata to its 20% equity stake toward any additional financing required during the ramp-up period.
Keliber is regarded as the European Union’s most advanced integrated lithium project, with planned production of about 15,000 tonnes a year of battery-grade lithium hydroxide monohydrate over an expected mine life exceeding 18 years. It is also one of the few lithium hydroxide refineries being developed outside China and has been designated a Strategic Project under the EU’s Critical Raw Materials Act.
Sibanye-Stillwater CEO Richard Stewart highlighted the importance of balancing technical readiness with market realities:
“The staged ramp-up we have agreed on with our strategic partner ensures that the Keliber lithium project advances responsibly, derisking the commissioning phase to ensure an optimal technical and commercial approach, balancing market realities with stakeholder interests.
We have invested significant capital through the price cycle to complete the construction phase of the Keliber lithium project, ensuring this strategic asset is ready to deliver local supply into the EU battery value chain.
Together, with our partners, we will continue to assess key milestones as we advance the Keliber project during its pre-operational phase and will continue to engage with potential strategic off-takers and EU stakeholders to ensure the value of this strategic asset is fully realised for the benefit of all stakeholders.”
Sibanye-Stillwater said that further decisions on refining and full-scale production would be guided by market conditions as the project moves through its pre-operational phase.
