Tivan has formed a strategic alliance with Sumitomo Corporation, an integrated trading company working across industries such as minerals resources, to accelerate growth at the Speewah fluorite project in the east Kimberley region of Western Australia.
The agreement provides a framework for both parties to negotiate a formal joint venture agreement for the development, financing and operation of Speewah.
If a joint venture is formed, Sumitomo will become the sole distributor and agent to market Speewah’s commercial grade fluorspar, with prescribed tonnage reserved for Japanese customers.
Fluorite is used to produce commercial grade fluorspar products and fluorine. There is currently no domestic fluorspar or fluorine production in Australia, but Tivan is looking to become the first. The Federal Government added fluorine to the critical minerals list in December 2023.
As per the strategic alliance, Tivan will be responsible for Speewah’s development costs before the joint venture is executed.
“Over the past year Tivan has prioritised Japan as an enduring and trusted partner to Australia,” Tivan executive chairman Grant Wilson said.
“Our strategic alliance with Sumitomo Corporation is the culmination of these efforts. Sumitomo is a company and group that we deeply respect, with foundational principles that date back over 400 years. We look forward to progressing the Speewah fluorite project together, with enterprising spirit and a common vision of shared prosperity.”
Tivan and Sumitomo are expected to negotiate and enter into a binding joint venture agreement by December 31 2024.
Last month saw Tivan sign a heads of agreement with Glen Hill Pastoral Aboriginal Corporation to enhance regional collaboration around Speewah and execute a memorandum of understanding with Pacific Blue to potentially integrate the Ord River hydro-electricity power plant into energy supply for Speewah.
The Speewah fluorite project forms part of Tivan’s broader Speewah vanadium-titanium-iron project in WA.
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