Tivan has established an incorporated joint venture (IJV) with Sumitomo Corporation to develop the Speewah fluorite project in Western Australia, having met all conditions for the initial phase of investment (Tranche 1).

Sumitomo Corporation and Japan Fluorite Corporation (JFC) – a subsidiary of Japanese Government entity the Japan Organization for Metals and Energy Security (JOGMEC) – have made an initial $5.3m (Y781.62m) equity investment in the IJV, securing a 7.5% equity interest in the project.

The investment from JFC will finance a project feasibility study, which aims to establish mining and processing operations to produce high-quality acid-grade fluorspar for export.

In May 2025, Tivan announced binding agreements with Sumitomo Corporation and JFC to form the IJV to develop, finance and operate the project.

The conditions precedent for JFC's Tranche 1 investment included securing approval from the Australian Government Foreign Investment Review Board; Tivan's application to novate Australian Government grant funding; and the completion of the Project Restructure, which involved transferring project tenements to the IJV company, Fluorite SPV.

Sumitomo Corporation has entered into binding agreements with JOGMEC, which will hold a 49% equity interest in JFC.

Tivan executive chairman Grant Wilson said: “We are greatly honoured to have secured the involvement of JOGMEC in our joint venture. We look forward to ongoing collaboration with their technical team in Tokyo.

“The pathway we have created to final investment decision is being funded by contributions from Tivan and Sumitomo Corporation, and the governments of Australia and Japan. This model of private-public risk sharing is optimal in its design for the Speewah Fluorite Project and reflects the enduring strength of the bilateral relationship between Australia and Japan.”

In June, Tivan received approval from the Australian Government’s Foreign Investment Review Board for its initial investment in the Speewah project through JFC.