Sibanye Stillwater remains committed to its battery metals business despite recording an additional 2.46 billion rand ($152.6 million) impairment on its Keliber lithium project in Finland, CEO Richard Stewart said on Friday, according to Reuters.
The company, which began in 2013 with three gold mines before expanding into platinum, has in recent years acquired lithium, nickel and zinc assets as part of a shift toward metals used in renewable energy technologies.
In 2025, Sibanye recorded total impairments of 7.8 billion rand at Keliber, citing a weak long-term outlook for lithium hydroxide prices. The project is now valued at about 9 billion rand.
In February 2025, the miner scrapped plans to invest in the Rhyolite Ridge lithium project in the United States after lithium prices declined sharply.
“Our long-term strategy as a company still remains to be able to supply metals that ultimately will support decarbonisation and an energy transition,” Stewart said during a results call.
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Sibanye has decided to roll out production at Keliber in phases, starting with spodumene concentrate, while considering battery-grade lithium hydroxide production later depending on price conditions.
Stewart noted that efforts by the European Union and the United States to cut reliance on China for battery metals create incentives for projects like Keliber.
“We think this will have an impact on what the ultimate pricing layout looks like in time to come,” he said.
The company also reported headline earnings of 2.44 rand per share for 2025, up from 0.64 rand the previous year, supported by stronger gold and platinum group metals prices.
This improvement enabled the miner to declare its first dividend since 2023.
Earnings were lifted by a 39% rise in the average rand gold price and a 28% increase in the average South African platinum group metals basket price.
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Image Credit: Bloomberg
