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.
Comments
Projects
Latest Multimedia
Latest News
Showroom
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
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
