JSE- and NYSE-listed precious metals miner Sibanye-Stillwater has declared a maiden lithium reserve of 193 600 t of lithium carbonate equivalent (LCE) at its 85%-owned Keliber project, in Finland.

The company also announced a 133% increase in lithium mineral resources to 452 900 t of LCE.

Sibanye, which also owns gold and platinum group metals (PGMs) mines in South Africa and the US, has been working on a green metals strategy, with an increased focus on battery metals such as lithium.

The declaration of a mineral reserve at Keliber follows the completion of a positive feasibility study on the project, as well as approval for its construction.

The group has, however, announced a decrease in its US platinum and palladium reserves following a repositioning of the PGM operations through enhanced estimation methodologies and consequent updates to the life-of-mine plans.

The decreases in reserves amount to 3.6% and 6.1%, respectively, for what are now 26.3-million-ounce and 84.2-million-ounce reserves at the Stillwater and East Boulder mines.

The mineral reserves support 42-year mine life and yearly production capacity of 700 000 oz by 2026.

Sibanye also announced a 2.3% decrease in platinum, palladium, rhodium and gold (4E) mineral reserves at the South African PGM operations to 31.4-million ounces, mostly owing to depletion of 2.7-million ounces during 2022.

The mineral reserve decrease in South Africa has partly been offset by Sibanye’s conclusion of a positive feasibility study at the 50%-owned Mimosa North Hill project, adding 1.5-million ounces to reserves. The company is currently mulling a construction decision on the project.

The large 4E PGM mineral resource base at the South African PGM operations provide opportunity to increase future mineral reserves, extend the life of the operations and unlock substantial value.

Meanwhile, Sibanye’s South African gold operations’ mineral reserves remain stable at just under 13-million ounces and resources at just under 70-million ounces.