Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Sibanye-Stillwater said on Monday that it had raised its stake in Finnish battery chemical maker Keliber to 84.96%, in its bid to boost the production of lithium hydroxide.
The South Africa-listed miner had taken a 30.29% stake in Keliber in February as part of its diversification strategy into battery metals. It had offered in June to buy minority shareholders out to boost its stake to over 80%.
Keliber aims to be the first fully-integrated lithium producer in Europe, targeting first production in 2024 and ramping up to produce around 15,000 tonnes of lithium hydroxide per year.
Sibanye’s Chief Executive Officer Neal Froneman said in a statement that the majority takeover of Keliber would enable “delivery of high quality, low-cost lithium hydroxide with a low carbon footprint into the growing European battery industry.”
(By Sinchita Mitra and Anait Miridzhanian; Editing by Anil D’Silva and James Macharia Chege)
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