Tivan Limited (ASX:TVN) Announces Joint Venture with Sumitomo Corporation
Joint Venture Agreement
Tivan Limited (ASX:TVN) has entered a binding joint venture with Sumitomo Corporation for the Speewah Fluorite Project in Western Australia. Sumitomo’s subsidiary, Japan Fluorite Corporation (JFC), may invest up to A$60.3 million for a 22.5% equity stake in the IJV. The partnership aims to develop Australia’s first fluorite mining and processing operation, producing acid-grade fluorspar for export.
Project Development
Tivan will manage the IJV for at least five years, overseeing development, construction, and operations. A Feasibility Study is underway, supported by an initial A$5.3 million investment from JFC and funding from the International Partnerships in Critical Minerals (IPCM) program. The term sheet includes offtake agreements for up to 100% of the project’s output, with 80% on a take-or-pay basis.
Executive Comments
Executive Chairman Mr Grant Wilson stated, “On behalf of the Board, I extend sincere thanks to Sumitomo Corporation for their dedicated efforts and enterprising spirit over the past year. We are delighted to commence a long-term partnership with one of Japan’s most respected companies, and to have established a relationship based upon trust and shared values. I acknowledge the team at Tivan for their commitment and unwavering resolve. Through much hard work we have taken a company from a zero-start to the top of the world in two years. This is an unprecedented achievement that belongs to Tivan’s team. Tivan is now uniquely placed to 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.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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