Tivan (ASX:TVN) and Sumitomo (TYO:8053) have established a joint venture to develop the Speewah Fluorite Project in Western Australia, agreeing terms for the first tranche of investment.
Japan Fluorite Corporation, a special purpose entity created by Sumitomo, has committed an initial equity investment of $5.3 million in return for a 7.5% stake in the incorporated joint venture.
The funds will support a feasibility study focused on mining and processing acid-grade fluorspar, a key industrial mineral for steel, aluminium and lithium products.
The agreement marks a milestone for Tivan, securing the backing of the Japan Organization for Metals and Energy Security (JOGMEC), which will acquire a 49% equity interest in Japan Fluorite Corporation.
“This model of private-public risk sharing is optimal in its design for the Speewah Fluorite Project and reflects the enduring strength of the bilateral relationship between Australia and Japan,” Tivan Executive Chairman Grant Wilson said.
The deal follows months of due diligence, including technical workshops and a site visit by officials from both Sumitomo and JOGMEC in November 2024.
Tivan had previously agreed to transfer the project’s tenements to a newly formed entity, Fluorite SPV, and received clearance from Australia’s Foreign Investment Review Board to proceed with the initial investment. It has also applied to novate its existing federal grant funding to the new venture structure.
The Speewah Fluorite Project is part of Australia’s broader strategic push into critical minerals development, supported by both domestic and international stakeholders.
Further details on the partnership structure and additional investment tranches are expected in future updates.
Write to Dan Petrie at Mining.com.au
Images: Tivan
