Finland invests €40 million in Keliber’s lithium processing startup

The Finnish state will contribute €40 million to support the launch of Keliber’s lithium project, part of a €200 million funding round led primarily by the company’s majority owner, Sibanye-Stillwater, Yle reports.

State-owned Finnish Minerals Group, which holds a 20% stake in Keliber, announced the investment to accelerate the phased startup of the project. Sibanye-Stillwater, owning 79.8% of Keliber, will cover the bulk of the costs. Minority shareholders hold the remaining 0.2%.

Keliber’s operations include open-pit mining at Syväjärvi, near the Kokkola-Kaustinen border, and processing plants in Kaustinen and Kokkola. The Kokkola refinery, set to begin commissioning later this year, will produce 15,000 tonnes of battery-grade lithium hydroxide annually—Europe’s first fully integrated lithium project, from mining to refining.

Minister of Economic Affairs Sakari Puisto (Finns Party) highlighted the project’s strategic role in Finland’s battery strategy, boosting domestic mineral processing and reducing EU reliance on critical raw material imports. The European Investment Bank has also backed Keliber with a €150 million loan.

Minister for European Affairs and Ownership Steering Joakim Strand (Swedish People’s Party) underscored its significance as Europe’s first lithium project under the EU’s Critical Raw Materials Act.

Mining at Keliber’s sites began in February, with the Kaustinen concentrator currently in testing. The Kokkola refinery’s startup is scheduled for late 2024.