- ICANR appointed to advise on debt funding for the planned Speewah development
- Material progress made on both equity and debt funding
- Definitive feasibility study for project progressing
Tivan (ASX: TVN) reports that Sydney based independent corporate advisory firm ICA Natural Resources (ICANR) has been appointed to advise on project finance for the development of the Speewah fluorite project in WA.
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The decision has been made with Japan Australia Fluorite Associates (JAFA) in joint venture with Sumitomo Corporation and Japan Organisation for Metals and Energy Security.
At the same time Tivan is progressing development planning for the project, including a definitive feasibility study (DFS) scheduled to complete later this year, for an Australian-first mining and processing operation to produce acid grade fluorspar (97% CaF2).
Executive chairman, Grant Wilson, said Tivan has made significant progress in securing both equity and debt funding for the planned development.
“Delighted to announce the appointment of ICA Natural Resources on behalf of Japan Australia Fluorite Associates, following an extremely competitive process over the past two months,” Mr Wilson said.
“This announcement represents the start of our push to complete the project finance round for the Speewah Fluorite Project, enabling a final investment decision, that will be led by Tivan on behalf of our joint venture.”
The Speewah fluorite and vanadium project is located 100km south of the port of Wyndham, and 110km south-west of Kununurra, in the Kimberley region of north-east WA.
The company has in place binding agreements with Sumitomo Corporation and ETFS Capital to provide up to $100 million in equity funding for project development.
Tivan has also received a non-binding and conditional letter of support from Export Finance Australia (EFA), and progressed to the Northern Australia Infrastructure Facility’s (NAIF) due diligence phase for financing of the project
Fluorite, also known as fluorspar, is an essential industrial mineral composed of calcium and fluorine (CaF₂).
TVN was up 2.00% to 25.5¢. Mkt cap $567.3M.
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