HPP advised the mining and battery holding and development company Finnish Minerals Group in an arrangement whereby it will invest EUR 53.95 million into Keliber pursuant to a directed share issue. The investment will increase Finnish Minerals Group’s holding in Keliber from approximately 14 per cent to 20 per cent. Prior to this investment, Finnish Minerals Group, and previously also Finnish Industry Investment Ltd, have invested a total of EUR 16.7 million in Keliber.
As a result of the funding arrangement that Keliber prepared in summer 2022, Sibanye-Stillwater, an international company focusing on mining operations and mineral refining, became Keliber’s largest owner and the main financier of the project. Finnish Minerals Group is the second-largest owner of Keliber.
In August 2022, Keliber’s lithium hydroxide refinery received the final environmental permit, and later that year, the company announced the start of preparations for construction in Kokkola Industrial Park. In December 2022, environmental and water management permits were also granted for the Rapasaari mining site and the Päiväneva concentrator plant. The company aims to start lithium hydroxide production in 2025. The total investment of around EUR 590 million is based on an integrated production process.