OSLO: Keliber Oy and leading international mining company Sibanye-Stillwater Limited have entered into an investment agreement for an initial phased equity investment of EUR 30 million for approximately 30% shareholding in Keliber, a news release said.

In addition, existing shareholders will be offered to subscribe for shares for up to EUR 10 million on the same terms as the investment from Sibanye-Stillwater, securing Keliber bridge financing of in total EUR 40 million.

Sibanye-Stillwater plans to play a key role as an industrial anchor investor in the project financing planned for mid-2022, and has in accordance with the investment agreement the option to secure a majority shareholding in Keliber, following the completion of the updated feasibility study.

“With our first investment in Keliber already in 2008, Nordic Mining has been a pioneer in developing production of battery grade lithium in Europe. We are enthusiastic about Keliber having teamed up with an experienced industrial partner like Sibanye-Stillwater, and that Keliber now will have sufficient financing towards construction”, says CEO Ivar S. Fossum.

Nordic Mining holds 16.3% of the shares in Keliber Oy.

Nordic Mining ASA is a resource company with focus on high-end industrial minerals and metals. The Company’s project portfolio is of high international standard and holds significant economic potential. The Company’s assets are in the Nordic region.

Nordic Mining is undertaking a large-scale project development at Engebø on the west coast of Norway where the Company has rights and permits to a substantial eclogite deposit with rutile and garnet. Nordic Mining also holds 16.3% of the shares in Keliber Oy, which is developing a lithium project in Finland to become the first European producer of battery grade lithium hydroxide.

In addition, Nordic Mining holds interests in other initiatives at various stages of development. This includes patented rights for a new technology for production of alumina and exploration of seabed minerals.

Nordic Mining is listed on Euronext Expand Oslo with ticker symbol “NOM”. (www.nordicmining.com)