Tivan (ASX:TVN) has reported further progress in its proposed joint venture with Sumitomo Corporation for the development of the Speewah Fluorite Project in Western Australia.
Over the past two weeks, Sumitomo, one of Japan's leading trading houses and a Fortune Global 500 company, has established a dedicated investment entity in Japan, contingent upon the finalisation of binding incorporated joint venture agreements.
In addition, an application has been submitted to the Australian government's Foreign Investment Review Board seeking approval for Sumitomo’s proposed investment.
Both parties are in the final stages of completing the IJV agreements and have extended their exclusivity arrangements until April 23 to allow time for execution.