Tivan (ASX:TVN) said it expects Sumitomo to apply for approval with Australia's Foreign Investment Review Board (FIRB) for the Japanese trading firm's investment in their joint venture for the Speewah Fluorite Project in Western Australia, according to a Friday filing with the Australian bourse.

The companies are moving toward finalizing a binding incorporated joint venture agreement, with execution expected in early April, the filing said. They extended exclusivity arrangements until April 15 to finalize the agreements.