Tivan and Sumitomo form joint venture with JOGMEC support to develop WA鈥檚 Speewah fluorite project, backed by public-private funding.
Tivan has formally launched a new incorporated joint venture (IJV) with Sumitomo Corporation to advance the development of the Speewah fluorite project located in Western Australia. The formation of this strategic partnership follows the successful fulfilment of all conditions related to the initial phase of investment, known as Tranche 1.
As part of the agreement, Sumitomo Corporation and the Japan Fluorite Corporation (JFC)鈥攁 subsidiary of the Japanese Government-backed Japan Organization for Metals and Energy Security (JOGMEC)鈥攈ave collectively committed an initial equity investment of $5.3 million (approximately 楼781.62 million). This investment secures them a 7.5% equity stake in the fluorite project. Notably, JOGMEC, through its stake in JFC, will hold 49% of JFC鈥檚 equity, reflecting significant Japanese government interest and backing.
The capital injection from JFC will be directed toward funding a comprehensive feasibility study. The primary objective of this study is to assess the technical and commercial viability of establishing mining and processing operations that will produce high-quality acid-grade fluorspar for international export markets.
The joint venture鈥檚 foundation was laid in May 2025, when Tivan signed binding agreements with both Sumitomo Corporation and JFC to collaborate on the development, financing, and operation of the Speewah project. To enable the first phase of investment by JFC, several critical conditions were met. These included obtaining approval from the Australian Government鈥檚 Foreign Investment Review Board (FIRB), the transfer of government grant funding through a novation process by Tivan, and the successful restructuring of the project. The restructuring involved transferring project tenements into the IJV entity, named Fluorite SPV.
Sumitomo Corporation also signed binding agreements with JOGMEC, which further cemented JOGMEC鈥檚 role as a key stakeholder in the venture. The high-level involvement of both private sector corporations and government-backed entities highlights a collaborative approach to de-risking and accelerating the development of the project.
Tivan鈥檚 Executive Chairman, Grant Wilson, emphasized the importance of the partnership, stating, 鈥淲e 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.鈥� He also highlighted the funding structure of the project, which includes contributions from Tivan, Sumitomo Corporation, and the governments of both Australia and Japan. Wilson described the public-private funding model as 鈥渙ptimal鈥� for the Speewah Fluorite Project, underlining the strength and resilience of the Australia鈥揓apan bilateral relationship.
In June, FIRB granted its approval for JFC鈥檚 initial investment in the Speewah project, marking a significant regulatory milestone and enabling the project to progress toward its next phases of development.
