South-African Sibanye Stillwater Limited has increased its effective shareholding in Keliber Oy to 84.96%. At the end of June 2022, Keliber announced a financing arrangement that enables the lithium project to progress to the construction phase.
In the first stage of the financing arrangement, Sibanye-Stillwater exercised its pre-emptive right to increase its shareholding in Keliber to 50% plus 1 share investing EUR 146 million in Keliber for new shares which are expected to be registered with the Finnish Trade Register by the end of this month.
Sibanye-Stillwater also made a voluntary cash offer to minority shareholders of Keliber, other than Finnish Minerals Group, which has resulted in Sibanye-Stillwater’s shareholding increasing to an effective 84.96% for a further cash consideration of approximately EUR 190 million.
Finnish Minerals Group currently holds an effective 13.90% of Keliber and other remaining minority shareholders, which elected not to accept the voluntary cash offer, holding an effective 1.14%.
The second stage of the financing arrangement will involve a capital raise, which will be fully underwritten by Sibanye-Stillwater. The maximum total investment in the capital raise by Sibanye-Stillwater is around EUR 104 million depending on the extent to which minorities and the Finnish Minerals Group participate.
Conventional debt facilities to at least match the €250 million equity contribution, are currently being negotiated with third party lenders to fund construction of the project.