By Ian Walker

Sibanye-Stillwater Ltd. said Tuesday that the Finnish Minerals Group, which manages the Finnish State's mining industry shareholdings, has agreed to subscribe 53.9 million euros ($59.6 million) and increase its shareholding in the Keliber lithium project to 20% from 14%.

The South African precious-metals mining company said it will retain a 79% interest in the project, with minority shareholders owing the rest.

"The progress made on the project since it was approved last year, is very encouraging, while the support shown by the Finnish Minerals Group for the project, through this additional subscription, is a substantial vote of confidence in the project," Sibanye's Head of Europe Mika Seitovirta said.

The investment is part of a EUR104 million rights issue to fund the project.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

April 25, 2023 07:56 ET (11:56 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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