The Northern Territory Government is aiming to reinforce the territory as a key jurisdiction for critical minerals development following Tivan’s (ASX:TVN) strategic acquisition of the Molyhil Tungsten-Molybdenum Project in Central Australia.
As previously reported, Thor Energy (ASX:THR) signed a term sheet with Tivan to sell its 75% stake in the FRAM joint venture which contains the Molyhil Project.
In conjunction, Tivan is conducting a share placement to raise $15 million which will support funding the acquisition as well as develop Molyhil.
The placement was underpinned by an $8.3 million investment from ETFS Capital.
Minister for Mining and Energy Gerard Maley says the territory government’s year of certainty and security drives momentum across the critical minerals sector.
“This acquisition highlights Tivan’s confidence in the Northern Territory and its world-class resource potential,” Maley says.
“Securing $15 million to fund the development of a Central Australian critical minerals precinct is a strong demonstration of investor backing and the opportunities being created under the CLP Government’s clear, consistent and pro-development approach.”
“The co-location of the Molyhil and Sandover projects represents the first step in establishing a critical minerals precinct in Central Australia, with opportunities to leverage shared infrastructure and unlock lasting economic benefits for Territorians.”
Tungsten and molybdenum are listed as critical minerals by the Australian Government, due to its applications across semiconductor, defence, aerospace, and energy transition technologies.
Global supply of these critical minerals are currently dominated by China, which has placed both minerals under export restrictions.
Write to Aaliyah Rogan at Mining.com.au
Images: Tivan
