Tivan (ASX:TVN) has signed a memorandum of understanding (MoU) with Sumitomo Corporation (TYO:8053) for the Molyhil Tungsten-Molybdenum Project in the Northern Territory.
Under the MoU, both companies have agreed to engage in good faith discussions on identified opportunities for potential collaboration between the two companies. This includes exploration, development planning, funding, construction, marketing, and distribution, as well as operation of Molyhill.
Tivan will facilitate due diligence on the project through sharing information with Sumitomo.
The MoU represents the third project collaboration between the companies, following establishing an incorporated joint venture for the Speewah Fluorite Project in Western Australia and an MoU for the Sandover Fluorite Project in the Northern Territory.
Tivan Executive Chairman Grant Wilson says the company is focused on advancing its mission to further strengthen the bilateral relationship between Australia and Japan.
“I am also pleased to confirm that Tivan plans to progress the Molyhill Project as a stage-gated joint venture, using comparable risk sharing modalities that have successfully advanced the Speewah Fluorite Project,” Wilson says.
“This approach enables a collaborative approach to project development, reduces project delivery lead times and maximises the potential return on equity.”
Tivan has completed a preliminary review of historical work and is progressing planning in support of proposed mining and processing operations at Molyhil. The company is focused on advancing economic and technical studies, as well as metallurgical testwork in support of flowsheet development.
An initial project facilitation and planning meeting has taken place with the Central Land Council. Further details on the initial work project for Molyhil will be released in due course.
The Molyhill Project is located 220km northeast of Alice Springs and hosts a resource of 4.64 million tonnes @ 0.26% tungsten trioxide and 0.09% molybdenum for 12,100 tonnes and 4,400 tonnes, respectively.
Sumitomo Corporation is a Japanese trading house and Fortune Global 500 company with diversified global business interests including mineral resources and industrial chemicals.
Tivan is a diversified critical minerals company based in Darwin, Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: Tivan
