Tivan gets Sumitomo backing to develop fluorite project

Critical minerals developer Tivan has signed a Strategic Alliance Agreement with Japanese trading house Sumitomo Corporation that provides a framework for negotiation of a binding joint venture agreement for the development, financing and operation of the Speewah Fluorite Project in the East Kimberley region of Western Australia.

The project will be Australia’s only source of fluorite, a critical mineral which is forecast to move into structural deficit from 2025, principally due to demand from semiconductor and electric vehicle batteries manufacturing, and supply constraints faced by China, the major global producer.

Speewah is the largest, highest grade vanadium in titanomagnetite resource in the world as well as housing an inferred resource of 27.2 million tonnes of calcium fluoride (CaF2) ore.

Fluorite was recently added to the Critical Minerals List, with vanadium also emerging as an important battery electrolyte material – Tivan plans an electrolyte refinery in Darwin powered by solar power.

Under the joint venture, SC will be appointed as the sole distributor and agent to market and distribute Speewah’s commercial grade fluorspar product in Asia, with prescribed tonnage reserved for customers of Japan.

The companies told investors they viewed the Speewah Fluorite Project as representing a globally significant opportunity to provide a stable and long-term source of supply of high-grade fluorite.

“The parties intent is to negotiate and enter into the binding JV Agreement in the calendar year 2024, including agreement on equity interests and contributions to the joint venture.”

Tivan is progressing a Pre-Feasibility Study with Lycopodium to assess the feasibility of a mining and processing operation at Speewah to produce acid grade fluorspar (scheduled completion July 2024).

Further reading:
Tivan progresses critical mineral fluorite project
Tivan and Larrakia Energy sign solar power agreement

Picture: Tival/critical mineral deposits at Speewah