Tivan’s (ASX:TVN) joint venture partner Sumitomo Corporation (TYO:8053) has secured approval from the Australian Government’s Foreign Investment Review Board (FIRB) for Japan Fluorite Corporation’s initial equity investment for the purposes of the Foreign Acquisitions and Takeovers Act 1975.
In May 2025, both joint venture companies and Sumitomo’s special purpose subsidiary Japan Fluorite Corporation (JFC) to establish an incorporated joint venture for the development, financing and operation of the Speewah Fluorite Project in Western Australia.
JFC may invest up to $60.3 million via three tranches for an equity interest of up to 22.5% in the incorporated joint venture. JFC will make an initial $5.3 million investment for an initial 7.5% equity interest.
The funds will be used for a Feasibility Study for the project encompassing mining and processing operations, producing acidgrade fluorspar for export into global markets.
With the FIRB approval now received and Tivan having made formal application for the Australian Government’s International Partnerships in Critical Minerals (IPCM) grant novation, the company is finalising the project restructure to facilitate formal establishment of the joint venture.
The joint venture and tranche one of the investment is expected to occur in the first half of July 2025.
Executive Chairman Grant Wilson says “this timely approval reflects the abiding strength of the bilateral relationship between Australia and Japan”.
The Speewah Project, being developed in partnership with Sumitomo, boasts a resource of 37 million tonnes @ 9.1% calcium fluoride for 3.390 million tonnes of contained calcium fluoride.
Tivan is a diversified critical minerals explorer and developer, based in Darwin, Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Tivan
