Tivan Limited (ASX: TVN) and Sumitomo Corporation (TYO:8053) have officially formed a joint venture to advance the Speewah Fluorite Project in Western Australia. The companies have agreed to terms for the first stage of investment into the project. Tivan is an Australian resources company focused on developing critical mineral projects. Sumitomo Corporation is a global trading and investment company with a diverse range of business interests.
Japan Fluorite Corporation, a special-purpose entity established by Sumitomo, has committed an initial equity investment of $5.3 million. In return, the entity will receive a 7.5% stake in the incorporated joint venture. These funds are earmarked to support a comprehensive feasibility study. The study will concentrate on the mining and processing of acid-grade fluorspar, a crucial industrial mineral used in the production of steel, aluminium, and lithium products.
The agreement marks a key milestone for Tivan, securing the support of the Japan Organization for Metals and Energy Security (JOGMEC). JOGMEC will acquire a 49% equity interest in Japan Fluorite Corporation. According to Tivan Executive Chairman Grant Wilson, this model of private-public risk sharing is optimal for the Speewah Fluorite Project, reflecting the strong bilateral relationship between Australia and Japan.
The deal follows months of due diligence, including technical workshops and a site visit by officials from Sumitomo and JOGMEC in November 2024. Tivan had previously agreed to transfer the project’s tenements to a newly formed entity, Fluorite SPV. The company also received clearance from Australia’s Foreign Investment Review Board to proceed with the initial investment and has applied to novate its existing federal grant funding to the new venture structure. Further details on the partnership structure and additional investment tranches are expected in future updates.
