Wedoany.com Report-Jun 19, Sumitomo has confirmed that its joint venture (JV) partner, Tivan, has received approval from the Australian Government’s Foreign Investment Review Board (FIRB) for its initial investment in the Speewah Fluorite Project. The project, located in the Kimberley region of Western Australia, aims to develop a new mining and processing operation for acid-grade fluorspar, a critical material used in the production of semiconductors and electric vehicle batteries.

The project is expected to bolster international supply chain partnerships for critical minerals.

In May 2025, Tivan entered into binding agreements with Sumitomo Corporation and its subsidiary, Japan Fluorite, to form an incorporated JV for the project. Japan Fluorite may invest up to AUD 60.3 million (USD 39.2 million) in three tranches, acquiring a 22.5% equity stake in the joint venture. The initial investment of AUD 8.1 million (USD 5.3 million), equivalent to approximately JPY 767.55 million, will provide Japan Fluorite with a 7.5% equity share and finance a detailed feasibility study.

The feasibility study will evaluate mining and processing capabilities for producing high-purity fluorspar, essential for various advanced manufacturing industries. FIRB approval was one of several conditions required before proceeding with the investment. With this approval granted, preparations for the next phase are underway.

Tivan Executive Chairman Grant Wilson stated: “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.”

In addition to securing FIRB approval, Tivan is progressing with the application for the novation of a AUD 7.4 million grant received in December 2024 under the Australian Government’s International Partnerships in Critical Minerals Programme. The grant supports the development of projects that strengthen global critical mineral supply chains. Tivan is also completing a project restructuring, which includes the transfer of mining tenements to the JV entity.

The formal establishment of the joint venture and the initial investment from Japan Fluorite are scheduled to be finalised in the first half of July 2025. This partnership represents a strategic collaboration aimed at enhancing the supply of critical minerals required for advanced technologies.

With both regulatory approval and financial backing in place, the Speewah Fluorite Project is positioned to contribute significantly to the development of secure and diversified supply chains in the critical minerals sector. The collaboration between Tivan and Sumitomo marks a key step in advancing international cooperation in resource development.