Name of the Project
Keliber lithium hydroxide project.

Location
Central Ostrobothnia, Finland.

Project Owner/s
Multinational mining company Sibanye-Stillwater owns 79.8% of the project, with Finnish Minerals Group holding 20% and other Finnish shareholders 0.2%.

Project Description
The project entails the development of four opencast and three highly mechanised underground, mining operations – Syväjärvi and Rapasaari, which will be developed first. Development of the Emmes, Outovesi and Länttä operations will follow towards the end of the project life. These operations are situated across Kaustinen, Kokkola and Kronoby.

Ore mined will be fed to the Päiväneva concentrator, which will be situated close to the Rapasaari mine. The concentrator will have an estimated capacity of 200 000 t/y of spodumene concentrate, which will be transported 66 km to the Keliber lithium refinery in the Kokkola Industrial Park.

Once operational, the refinery is expected to produce an estimated 15 000 t/y of lithium hydroxide monohydrate for more than 18 years.

Potential Job Creation
By the end of the fourth quarter of 2023 the employee headcount had reached 70.

Net Present Value/Internal Rate of Return
The 2019 updated definitive feasibility study (DFS) has estimated a pretax net present value, at an 8% discount rate, of €510-million, compared with the €295-million estimated in the 2018 DFS.

The pretax internal rate of return has also increased from 24% in the 2018 DFS to 28% in the 2019 updated DFS.

The payback period for the project has decreased from 5.5 years to 3.7 years.

Capital Expenditure
The total capital investment to complete the construction phase is estimated to be €783-million.

Planned Start/End Date
Construction and cold commissioning of the fully integrated Keliber project (mine, concentrator and refinery) remains on track for completion in the first quarter of 2026. A staged start-up will result in commissioning of the mine and concentrator first, with the timing of refinery commissioning to be determined in line with lithium market conditions.

Latest Developments
Sibanye-Stillwater’s January 19 market release has confirmed that the multidisciplinary assessment of start-up and optimisation scenarios has been completed. 

Sibanye-Stillwater and Finnish Minerals Group have agreed to pursue a staged start-up, initially commissioning the mine and concentrator before deciding on the refinery commissioning timeline. 

The approach is intended to reduce ramp-up risk and preserve financing flexibility by deferring certain refinery-related capital and ramp-up costs depending on lithium prices. 

Value engineering opportunities identified during the review will be progressed, focusing on unit cost reduction and process optimisation. Finnish Minerals Group is preparing to participate pro rata (20%) in any additional financing required through the ramp-up period.

Key Contracts, Suppliers and Consultants
Metso Outotec (sustainable soda pressure leaching technology).

Contact Details for Project Information
Keliber Oy, tel +358 10 567 0600 or email info@keliber.fi.