FIRB approves major Australian-Japanese critical minerals collaboration

Australia’s Foreign Investment Review Board (FIRB) has approved the Ardea Resources (ASX: ARL), Sumitomo Metal Mining and Mitsubishi Corporation joint venture to develop the Kalgoorlie nickel project (KNP) in WA.

The KNP and its sub-set the Goongarrie Hub, are a globally significant series of nickel-cobalt and critical mineral deposits which host the largest nickel-cobalt resource in the developed world at 854mt, according to Ardea.

In addition to FIRB approval, Ardea has been informed that the Consortium has obtained merger control clearance from the Korea Fair Trade Commission, successfully satisfying two of the four conditions precedent to the transaction.

The remaining conditions are expected to be satisfied during Q3 2024.

Ardea managing director and chief executive Andrew Penkethman comments on the progress.

“Ardea is pleased to see the conditions precedent are continuing to be satisfied to enable the joint venture with Sumitomo Metal Mining and Mitsubishi Corporation to proceed,” he said.

“The support from the [FIRB] is a strong endorsement from the Australian Government for this major critical minerals collaboration between Australia and Japan.”

Work continues on the KNP – Goongarrie Hub Definitive Feasibility Study, utilising the funding support arrangement of $12m from Sumitomo.

Current programs include infill resource definition drilling at the proposed Big Four nickel-cobalt deposit, bench-scale metallurgy, processing plant engineering studies, borefield design following completion of hydrogeological exploration drilling, environmental approvals and non-process infrastructure design.