Japanese trading house Sumitomo (TYO:8053) and Tivan (ASX:TVN) over the past quarter progressed towards concluding a binding incorporated joint venture to develop, finance, and operate the Speewah Fluorite Project in Western Australia.
Reflecting the advanced stage of negotiation of the binding JV agreements, Tivan expects Sumitomo will shortly make an application to the Australian Government’s Foreign Investment Review Board (FIRB) seeking approval of Sumitomo’s proposed investment in the JV.
The parties continue negotiations of the binding JV agreements and anticipate execution of agreements in early April.
To facilitate finalisation, they have agreed an extension of the exclusivity arrangements under the MoU to 15 April 2025.
Progress follows documentation of the non-binding terms around which the binding incorporated joint venture agreements would be negotiated in a memorandum of understanding executed in December 2024.
Since execution of the MoU, both parties have worked to advance negotiation of not less than eight interrelated agreements required to finalise the terms of, and establish, the JV.
Ahead of its establishment, Tivan has also progressed a number of workstreams to facilitate the incorporated joint venture. These include incorporating new holding and special purpose vehicles for the restructure of Tivan’s ownership of the project; completing contractual arrangements related to the Speewah acquisition; securing ATO clearance certificates required for the restructure; and completing a share placement providing contingency funding to maintain the schedule, among others.
Write to Adam Orlando at Mining.com.au
Images: Tivan
