What's Happening?
Tivan has entered into a memorandum of understanding with Sumitomo Corporation for the Molyhill Tungsten-Molybdenum Project in the Northern Territory. This marks the third collaboration between the two
companies, following previous projects in Western Australia and the Northern Territory. The MoU outlines potential collaboration in exploration, development, funding, and operation of the Molyhill Project. Tivan will facilitate due diligence by sharing project information with Sumitomo. The project hosts a resource of 4.64 million tonnes of tungsten trioxide and molybdenum. Tivan is advancing economic and technical studies to support mining and processing operations.
Why It's Important?
This collaboration highlights the strengthening of economic ties between Australia and Japan, particularly in the critical minerals sector. The Molyhill Project's development could enhance the supply of tungsten and molybdenum, which are essential for various industrial applications. For Tivan, this partnership with a Fortune Global 500 company like Sumitomo could provide significant financial and operational support, potentially accelerating project timelines and increasing returns on investment. The project also represents a strategic move to secure critical mineral resources, aligning with global efforts to diversify supply chains.
What's Next?
Tivan plans to progress the Molyhill Project as a stage-gated joint venture, focusing on reducing project delivery lead times and maximizing equity returns. An initial project facilitation and planning meeting has been conducted with the Central Land Council. Further details on the project's initial work will be released soon. The collaboration is expected to proceed with due diligence and planning, setting the stage for future development activities.
