A mine shaft is seen on the Sibanye gold mine in Westonaria, west of Johannesburg, April 6, 2016. REUTERS/Siphiwe Sibeko/File Photo
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June 30 (Reuters) – Sibanye-Stillwater (SSWJ.J) plans to improve its shareholding in Finnish lithium agency Keliber to 50% plus one share, the South Africa-listed miner mentioned on Thursday, and is providing to purchase minority shareholders out to enhance its stake to over 80%.
Sibanye-Stillwater agreed to take a 30.29% stake in Keliber in February as a part of its technique of diversifying away from South African platinum and gold manufacturing into battery metals, which have benefited from surging costs.
Keliber goals to be the primary fully-integrated lithium producer in Europe, concentrating on first manufacturing in 2024 and ramping up to produce round 15,000 tonnes of lithium hydroxide per yr.
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Sibanye will make a voluntary money supply to Keliber minority shareholders besides the Finnish Minerals Group – a state-owned agency holding a stake of round 20% – and expects all of the transactions to be accomplished by February 13, 2023.
The transaction will value Sibanye 446 million euros at most, of which it can contribute a most of 250 million euros in fairness.
It is topic to approval from the South African Reserve Bank and 50% of Keliber shareholders.
The financing from Sibanye will enable Keliber to begin building in the summer season, the Finnish agency mentioned, and to place orders for gear as soon as required environmental permits are obtained.
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Reporting by Siddarth S in Bengaluru and Helen Reid in Johannesburg; enhancing by Rashmi Aich and Jason Neely
Our Standards: The Thomson Reuters Trust Principles.
Sibanye-Stillwater to raise stake in Finland’s Keliber & More Latest News Update
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