Johannesburg, 6 October 2023: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased to announce that it
has approved the commencement of the second phase of its Keliber lithium project which includes the
construction of the concentrator and the development of the Syväjärvi open pit mine in Päiväneva in
Finland. Delivery of ore from the Syväjärvi open pit mine will be timed to coincide with the commissioning of
the concentrator.
The environmental permit for phase two was received in December 2022, which enables the development
to continue. The appeal lodged by Sibanye-Stillwater, querying the terms of six of the 144 permitting
conditions (refer https://thevault.exchange/?get_group_doc=245/1675669656-keliber-updateenvironmental-permit-rapasaari-and-paivaneva-concentrator-06feb2023.pdf) will continue in parallel with
the construction. Due to the nature of the appeal, the permission to commence construction has not been
withdrawn.
Higher capital expenditures have been planned to meet the more stringent effluent water quality
conditions. The capital expenditure for the concentrator is now forecasted at €230 million, which is €10
million higher than the previous estimate. This increase is due to the revision of the effluent water treatment
facility at the Keliber lithium refinery. We have incorporated amended technology into the flowsheet to
ensure compliance with environmental permits, which will also result in increased recoveries. Despite the
higher capital requirements, the adjustment has not had a negative impact on the net present value of the
project due to the positive impact of the expected recoveries. The updated aggregated project capital
for the Keliber project is estimated at €656 million (2023 real terms) including contingencies (previously €588
million in 2022 real terms).
The equity funding for the project has already been secured and completed, while the finalisation of the
debt funding is in progress.
More details on the capital and expected production profile will be shared by Sibanye-Stillwater at its
virtual battery metals investor day on Tuesday, 14 November 2023 with a live presentation shared via a
webcast (link: https://themediaframe.com/mediaframe/webcast.html?webcastid=jg7r2VtY) and
conference call (register on:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=2252855&link
SecurityString=5ce1569ad) at 13h00 (CAT) / 11h00 (GMT) / 06h00 (EST) / 04h00 (MT).
Neal Froneman CEO of Sibanye-Stillwater said ”We are pleased to be commencing construction of the
lithium concentrator and Syväjärvi mine. The Keliber lithium project remains on track to be the first integrated lithium hydroxide supplier in Europe. We look forward to working with all stakeholders to deliver
this exceptional project, which will contribute to the regional economy as well as to the growth of our unique portfolio of green metals that aim to reverse climate change.” see & read more on
https://thevault.exchange/?get_group_doc=245/1696603249-LogoSibanye-StillwaterapprovesthedevelopmentofthesecondphaseofitsKeliberlithiumproject6Oct2023.pdf