Tivan has finalised a joint venture with Sumitomo Corporation for the Speewah project and signed a new memorandum of understanding (MoU) for the Sandover project in the Northern Territory.
The company confirmed the formal establishment of an incorporated joint venture (IJV) with Sumitomo Corporation, following satisfaction of all tranche 1 conditions.
Japan Fluorite Corporation (JFC), a special purpose subsidiary of Sumitomo Corporation, has made an initial $5.3 million equity investment for a 7.5 per cent interest in the IJV.
The funds will support a feasibility study to produce acid-grade fluorspar for export.
Tivan also announced that JOGMEC (Japan Organization for Metals and Energy Security) has acquired a 49 per cent equity stake in JFC.
JOGMEC’s participation is seen as a landmark development, enhancing the bilateral relationship in critical minerals between Australia and Japan.
“We are very pleased to have formally established our joint venture with Sumitomo Corporation for the Speewah fluorite project,” Tivan executive chairman Grant Wilson said.
“We are greatly honoured to have secured the involvement of JOGMEC in our joint venture.
“The pathway we have created to final investment decision is being funded by contributions from Tivan and Sumitomo Corporation, and the governments of Australia and Japan.”
In a parallel announcement, Tivan has revealed its second partnership with Sumitomo Corporation via a newly signed MoU for the Sandover fluorite project, acquired in late 2024.
The agreement outlines a pathway to co-develop, finance, and operate the project, targeting both metspar and acid-grade fluorspar production.
“I am delighted to announce Tivan’s second project collaboration with Sumitomo Corporation, reflecting the trusted relationship that we have established and the values that we share,” Wilson said.
“The MoU is designed to provide an optimal pathway to advance the Sandover fluorite project, and to unlock the commercial synergies from our joint venture at the Speewah fluorite project for mutual benefit.”