Keliber Lithium Project (Sibanye-Stillwater) - benchmark Feasibility Study: $700M Capex Over a 16-Year Mine Life
Grit Metals Corp.'s Keliber Lithium Project (Sibanye-Stillwater) - benchmark in Finland, Kaustinen has a Feasibility Study outlining initial capital of $700M. The mine plan runs 16 years at about 15000 t LiOH per year.
Grit Metals Corp.'s Keliber Lithium Project (Sibanye-Stillwater) - benchmark has reported Feasibility Study results for the lithium project in Finland, Kaustinen. It reflects Grit Metals Corp.'s (FIN.V) latest disclosed economics for the asset.
Economics. Initial capital expenditure is estimated at $700M. All-in sustaining costs are pegged at 6750 EUR/t LiOH.
Production and mine plan. Life of mine is 16 years. Average annual production is approximately 15000 t LiOH.
These figures are extracted from Grit Metals Corp.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proved | 3.5 Mt | 0.51% Li, 1.09% Li2O | 93 kt LCE (117 kt LCE) |
| Probable | 6.9 Mt | 0.42% Li, 0.91% Li2O | 155 kt LCE (195 kt LCE) |
| Proven & Probable | 10.3 Mt | 0.45% Li, 0.97% Li2O | 248 kt LCE (311 kt LCE) |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 3.3 Mt | 0.62% Li, 1.33% Li2O | 108 kt LCE (135 kt LCE) |
| Indicated | 8.0 Mt | 0.57% Li, 1.22% Li2O | 241 kt LCE (302 kt LCE) |
| Measured & Indicated | 11.3 Mt | 0.58% Li, 1.25% Li2O | 349 kt LCE (437 kt LCE) |
| Inferred | 4.5 Mt | 0.51% Li, 1.10% Li2O | 122 kt LCE (153 kt LCE) |
Our Analysis
- Initial capex
- $700M
costlier than 31% of 26 projects we track
- Mine life
- 16yrs
A US$4M market capitalisation against a US$700M initial build is the whole story here. The capex is roughly 180.8 times the company's entire equity value, and no nano-cap writes a cheque of that size from its own balance sheet. This is a project that has to be carried by someone else: a strategic partner or offtaker, a streaming or royalty arrangement, heavy debt, or sustained equity issuance. Each route has a cost. Partner equity and streaming both dilute or subordinate existing holders, and repeated raises at a nano-cap valuation mean the current share count is unlikely to be the one that owns the finished mine. The capex being lower than 69% of the 26 lithium projects we track says something about relative scale, but relative scale is not the constraint. The absolute number against this balance sheet is.
The economics are the supporting act, and they are decent ones. A feasibility study is the build-ready estimate, typically a plus or minus 15% band, so these figures carry more weight than a scoping PEA would. Sixteen years of mine life in Finland's Kaustinen region gives the asset a stable, mining-friendly jurisdiction, which matters to the lenders and partners who would have to underwrite it. That is the case a financier would read.
The question that decides this project is not the return in the study. It is whether a US$4M company can assemble US$700M without handing away control of the asset, and on what terms. Until that is answered, the study's numbers describe a mine someone else may end up owning.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.
Get the next one first
Be the first to know about new mining results, and how they compare to other projects.