Highlights
- The MOU is for mineral processing opportunities related to Surefire Resources’ Victory Bore project.
- The latest development provides a clear pathway to unlock maximum project value.
- Victory Bore Pre-Feasibility Study is expected to be completed by November this year.
Perth-based mineral exploration company Surefire Resources NL (ASX: SRN) has executed a Memorandum of Understanding (MOU) with the Ministry of Investment, Kingdom of Saudi Arabia (MISA). The deal concerns the company’s Victory Bore Vanadium and High Purity Alumina project and covers vanadium production and concentrate processing.
The latest development delivers a clear pathway for a mining operation in Australia at low-capital cost. The company would then transport the concentrate to KSA for value-add downstream processing and high-value product production. KSA is a low energy cost jurisdiction.
The processing of concentrate from the Victory project, and other vanadium-bearing feedstock in KSA is expected to create employment opportunities, investment, high-value commodities’ production and processing capability.
With this latest development, SRN is expecting further investment opportunities and incentives. Also, it would assist the company in securing funding and development through binding agreements.
Under the MoU, the Victory Bore’s vanadium concentrate is proposed to transport to Geraldton Port, and then on-shipping to Port Damam, KSA. Afterwards, the downstream processing would take place in nearby industrial sectors to produce end products of ferro-vanadium, vanadium electrolyte, vanadium pentoxide, and bi-products of pig-iron, ferro-titanium as well as HPA potential.
Meanwhile, the company is progressing with the Pre-Feasibility Study on the Victory Bore deposit that is expected to be finalised by November this year.
SRN shares traded at AU$0.017 on 17 August 2023.