In line with its strategic transition into green metals and diversification into the low-carbon economy, Sibanye-Stillwater has become the majority owner of Finnish mining and battery chemical company, Keliber.
Sibanye-Stillwater is a diversified mining group led by South African businessman and top executive Neal Froneman.
The news comes after the South African mining group announced the acquisition of an additional stake in Keliber, bringing its shareholding in the Finnish mining and battery chemical maker to nearly 85 percent as part of a strategic transition and diversification into the low-carbon economy.
The transaction, which was completed for an undisclosed fee, comes after the leading mining group offered to buy minority shareholders’ stakes in Keliber in June in a move to increase its stake to more than 80 percent and control the Finnish battery maker.
The recent agreement perfectly aligns with Sibanye-plans Stillwater’s to expand its renewable energy portfolio and produce lithium hydroxide as the Finnish battery maker embarks on plans to become Europe’s first fully-integrated lithium producer.
While commenting on the transaction, Sibanye CEO Neal Froneman, who owns a 0.074-percent stake in the South African mining group worth more than $10 million, stated that the acquisition of Keliber is consistent with the group’s strategic expansion plans.
He added that the majority takeover of Keliber would enable “delivery of high quality, low-cost lithium hydroxide with a low carbon footprint into the growing European battery industry.”
Keliber plans to begin production in 2024 and ramp up to produce roughly 15,000 tonnes of lithium hydroxide annually as part of its efforts to become the first fully integrated lithium producer in Europe.
Shares of Sibanye-Stillwater on the Johannesburg Stock Exchange increased by more than five percent to close at R44.5 ($2.53) per share in response to the recent acquisition of the minority stake held by Keliber, bringing its market capitalization to R120 billion ($6.8 billion).
