Sumitomo has announced that its joint venture (JV) partner, Tivan, has received the Australian Government’s Foreign Investment Review Board (FIRB) approval for its initial investment in the Speewah Fluorite Project through Sumitomo’s subsidiary Japan Fluorite.
The Speewah Fluorite Project in Western Australia’s Kimberley region aims to establish a new mining and processing operation.
In May 2025, Tivan disclosed binding agreements with Sumitomo and Japan Fluorite to form an incorporated JV for the Speewah Fluorite Project.
Japan Fluorite may invest up to A$60.3m ($39.2m) in three tranches for a 22.5% equity interest in the JV.
The initial investment of $5.3m (Y767.55m) from Japan Fluorite will secure a 7.5% equity interest and fund a feasibility study for the project.
This study will focus on mining and processing operations to produce acid-grade fluorspar, which is essential for semiconductor and electric vehicle battery manufacturing.
The investment was contingent upon several conditions including the FIRB approval, which has now been met.
Tivan executive chairman Grant Wilson said: “We are very pleased that FIRB Approval has been provided for our joint venture with Sumitomo Corporation. At a complex moment for the global critical minerals sector, this timely approval reflects the abiding strength of the bilateral relationship between Australia and Japan.”
Additionally, Tivan is required to apply for the novation of a grant from the Australian Government’s International Partnerships in Critical Minerals Programme and complete the project restructuring, which involves transferring project tenements to the JV company.
With FIRB approval secured and the application for grant novation under way, Tivan is finalising the project restructuring.
The formal establishment of the JV and the initial investment from Japan Fluorite Corporation are set to occur in the first half of July.
In December 2024, Tivan was awarded a A$7.4m cash grant from the Australian Government to support the Speewah Fluorite Project, part of a broader effort to bolster international supply chain partnerships for critical minerals.
