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Highlights
- A Joint Cooperation Agreement has been executed with Mid West Ports Authority to optimise the use of the Port of Geraldton for exporting magnetite concentrate from the Victory Bore Project.
- Through the agreement, SRN seeks to gain port access for export capacity of 1.25Mtpa.
- The agreement provides a framework for negotiations on capacity reservations, port access, port services, ship loading and product export contracts.
- SRN’s share price surged by 40% to AU$0.007 per share.
Surefire Resources NL (ASX:SRN) saw its share price surge by 40% to AU$0.007 apiece during morning trading hours on Tuesday. This sharp increase followed a major update regarding the company’s 100% owned flagship project, the Victory Bore Vanadium Project.
The company has signed a Joint Cooperation Agreement (JCA) with Mid West Ports Authority (MWPA).
Details of the agreement
The agreement aims to optimise port services and facilities at the Port of Geraldton and secure port capacity for exporting magnetite concentrate from the Victory Bore Project.
Under the agreement, contractual agreements are sought for port access by MWPA for the export of approximately 1.25 million tonnes per annum of magnetite concentrate. The agreement sets the stage for negotiations on capacity reservations, port access, ship loading and product export contracts and port services.
The agreement is a critical step in developing the logistics supply chain for the Victory Bore Project.
Ongoing discussions with logistics providers are focused on transporting the concentrate from the mine site to the Port of Geraldton, and subsequently to the Kingdom of Saudi Arabia (KSA), as well as other destinations in China, Japan and South Korea. These arrangements are contingent upon finalising offtake agreements for the proposed final production. The discussions emphasise securingaccess to port facilities, storage, and ship loading capabilities.
About the Victory Bore Vanadium Project
The project aims to produce magnetite concentrate at the Victory Bore mine, which will then be transported to the KSA for processing into high-value products such as vanadium pentoxide, ferro-vanadium, pig iron, iron oxide, and titanium slag.
The pre-feasibility study,completed in December 2023, reported an NPV10% of US$1.1 billion, IRR of 42% and a payback of 2.4 years over a mine life of 24 years. Following this study, discussions have progressedwith Saudi-based organisations and the KSA government to determine the location of the processing plant, establish presence in the KSA and position SRN for development.
