Tivan (ASX:TVN) confirmed that Sumitomo, its joint venture partner for the Speewah project in Western Australia, received approval from the Australia's Foreign Investment Review Board (FIRB) for Japan Fluorite's investment in the project, according to a Wednesday filing with the Australian bourse.
The company signed binding agreements with Sumitomo and Japan Fluorite to form an incorporated joint venture for the development, financing, and operation of the project, the filing said.
Japan Fluorite may invest up to AU$60.3 million for an equity interest of up to 22.5% in the joint venture.
The company is finalizing the project restructure for the formal establishment of the joint venture, expected to take place in July, per the filing.
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