References/30 Jun 2022

Borenius advised Keliber on its financing arrangement for the Keliber lithium project

We advised Keliber, an upcoming lithium hydroxide producer operating in the Central Ostrobothnia area of Finland, on the preparation of a financing arrangement that will enable the Keliber lithium project to progress to the construction phase.

The proposed arrangement includes two share issues. During the first one, Sibanye Stillwater Limited will exercise its pre-emptive right to achieve a 50% plus 1 majority shareholding over new Keliber shares to the value of EUR 146 million. The second share issue will have a value of approximately EUR 104 million.

In addition, Keliber’s shareholders will receive a voluntary offer from Sibanye-Stillwater with the exception of the Finnish Minerals Group, which is preparing to participate in the financial arrangement. The estimated current capital investment in the Keliber lithium project is several hundreds of millions of euros, and Keliber is negotiating on loans that are needed in addition to the equity capital.

Keliber aims to begin the production of lithium hydroxide in 2024 to meet the growing needs of the battery industry. At that time, the company will be the first one in Europe to produce lithium hydroxide from its own ore. Lithium is required especially in the production of batteries for electric cars and in the manufacturing of different portable electronics and tools.

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Additional information

Johan Roman

Partner

Helsinki

Nelli Nurminen

Associate

Helsinki

Aksu Tuominen

Counsel

Helsinki, London

Casper Herler

Managing Partner

Helsinki