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.