|End-of-day quote - 03/05|
Sibanye Stillwater : Invests In Finnish Lithium Company
|02/23/2021 | 05:34am|
Under the deal, Sibanye will make an initial phased equity investment of EUR30 million ($36.5 million) in exchange for a 30% stake in Keliber. That will be followed by an additional EUR10 million equity issuance to be offered to existing Keliber shareholders on the same terms as that of the initial investment.
The EUR40 million investment will be used to complete mining optimization studies, permitting, metallurgical test work and detailed engineering design of the lithium project, which is expected to commence production in 2024, according to Tuesday news release.
The South African miner also said that it has a guaranteed option to achieve a majority shareholding in Keliber following the completion of the updated feasibility study, which is expected to be completed within 18 to 24 months.
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