Tivan and Sumitomo advance JV for Speewah fluorite project
ASX-listed Tivan has reported progress in negotiations with Sumitomo towards establishing a binding joint venture (JV) for the development, financing, and operation of the Speewah fluorite project in Western Australia.
The negotiations follow the execution of a memorandum of understanding (MoU) in December, outlining the non-binding terms for the JV. Over the past three months, both parties have worked to finalise no fewer than eight interrelated agreements necessary for the JV's establishment.
Ahead of the JV’s formation, Tivan has advanced several preparatory workstreams, including incorporating new holding and special purpose vehicles for restructuring its ownership of the project, completing contractual arrangements for the Speewah project acquisition, and removing security over the project. Legal and tax due diligence has been conducted on the JV structure, securing ATO clearance certificates, and obtaining a pre-transaction stamp duty determination from RevenueWA.
Further, a share placement has been completed to ensure contingency funding for the project schedule, and various workstreams for the feasibility study currently under way have progressed.
Reflecting the advanced stage of negotiations, Tivan expects Sumitomo to soon submit an application to the Australian government’s Foreign Investment Review Board for approval of its proposed investment in the JV.
Both parties remain engaged in finalising the binding JV agreements and expect an execution by early April. To facilitate this, they have agreed to extend the exclusivity arrangements under the MoU until April 15, 2025.
Comments
Research Reports
Latest Multimedia
Showroom
Avlock International is a leading manufacturer and distributor of Specialized Fastening Systems.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
