Landmark Tivan, Sumitomo deal boosts Middle Arm development

The Northern Territory Government has taken steps forward with the cornerstone Middle Arm Sustainable Development Precinct project with one of its key proponents, Tivan, signing an agreement with Japanese giant Sumitomo Corporation.

Tivan, headquartered in Darwin, and Sumitomo will drive the development and financing of the Speewah vanadium project in the Kimberley region of north-east WA.

Tivan executive chairman Grant Wilson says support from the Northern Territory government and Sumitomo is key to progress.

“The Northern Territory Government has been steadfast in their support of Tivan Limited as we turned the company around over the past 18 months,” he said.

“Our strategic alliance with Sumitomo Corporation enables us to progress our strategic goals with confidence, including at the Middle Arm Sustainable Development Precinct.”

The Speewah project will supply the Middle Arm Development Precinct, creating a local supply chain for vanadium redox flow batteries (VRFB). VRFB are an optimal long duration energy storage solution, with a lifespan of over 20 years, suitable for large-scale integration with the Territory’s world class solar and gas resources.

The Middle Arm Sustainable Development Precinct is expected to boost the Territory’s economy with 20,000 jobs, providing work opportunities in Darwin and along the Stuart Highway.

This landmark agreement follows a big week in the Territory resources sector, including Top End Energy being granted a petroleum exploration permit in the McArthur Basin and Tamboran Resources expanding their development in the Beetaloo Sub-Basin by 15 new wells.

Gas extracted from the Beetaloo Sub-Basin has the potential to support 13,000 jobs by 2040 and increase the Northern Territory’s economic activity by $17b.

Northern Territory Chief Minister Eva Lawler says these jobs will directly benefit Territorians.

“My common-sense play for the Territory’s future will see Territorians fill those high paying roles first,” she says.

“It will also see our power prices go down through securing our energy resources and it will deliver a $17b boost to our economy.”