Tivan has officially formed an incorporated joint venture (IJV) with Sumitomo Corporation for the Speewah fluorite project in the Kimberley region of Western Australia.
The binding agreement will see a newly established Sumitomo subsidiary, Japan Fluorite Corporation, invest up to $60.3 million in exchange for an equity interest of up to 22.5 per cent in the IJV.
The joint venture aims to establish Australia’s first fluorite mining and processing operation to produce acid-grade fluorspar, comprising more than 97 per cent calcium fluorite, for export into international markets.
“We are delighted to commence a long-term partnership with one of Japan’s most respected companies and to have established a relationship based on trust and shared values,” Tivan executive chair Grant Wilson said.
“Through much hard work, we have taken a company from a zero start to the top of the world in two years.”
Under the agreement, Tivan will assume the role of IJV manager for a minimum of five years, set to oversee the development, planning, construction, and operational phases of the project.
Sumitomo is a leading Japanese trading company and Fortune Global 500 enterprise, with an extensive portfolio of international business interests across mineral resources and industrial chemicals.
The project’s feasibility study, led by Tivan, will be supported by an initial $5.3 million equity investment in the IJV by Japan Fluorite, along with funding from the International Partnerships in Critical Minerals program.
“Tivan is now uniquely placed to a deliver a transformative project that is strongly aligned to national strategic priorities and community expectations, one which will deliver durable economic and social opportunities for the Traditional Owners of the East Kimberley,” Wilson said.