Sumitomo receives FIRB nod for Speewah fluorite investment
ASX-listed Tivan has welcomed the Australian government’s approval of Sumitomo’s entry into the Speewah fluorite project joint venture (JV), with the Foreign Investment Review Board (FIRB) confirming that the Treasurer has no objections to the Japanese company’s initial equity investment.
The FIRB approval clears the way for Japan Fluorite Corporation (JFC), a special-purpose subsidiary established by Sumitomo, to proceed with its initial A$5.3-million investment in the project. This will give JFC a 7.5% equity stake in the incorporated joint venture (IJV), which was formalised between Tivan, Sumitomo and JFC in May this year.
The first tranche of funding will be used to progress a feasibility study for the Speewah project, aimed at producing acid-grade fluorspar for export to international markets.
“FIRB approval has been provided for our joint venture with Sumitomo Corporation,” said Tivan executive chairperson Grant Wilson. “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.”
JFC has the option to invest up to A$60.3-million across three tranches to secure a 22.5% interest in the IJV.
With the FIRB condition now satisfied, Tivan has formally applied to the Australian government to transfer a critical minerals grant awarded under the International Partnerships in Critical Minerals Programme to the JV. The company is also finalising the restructuring of the project, including transferring the project tenements to the new IJV entity.
The formal establishment of the venture, including completion of the first tranche investment, is expected in the first half of July.
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