Surefire Resources NL (ASXL: SRN) has signed a Joint Cooperation Agreement with Mid West Ports Authority (MWPA) to explore the future use of port facilities and services at the key Mid West resources sector Port of Geraldton facility, and the securing of suitable port capacity for the export of magnetite concentrate from Surefire’s 100% owned, Victory Bore Vanadium Project.
The Joint Cooperation Agreement (JCA) aims to secure contractual arrangements for the provision of facilities by MWPA for export by Surefire, of approximately 1.25 million tonnes per annum of magnetite concentrate through the Port of Geraldton. Under this JCA agreement, Surefire and MWPA will negotiate Port access, capacity reservations, ship loading, and port services and product export contracts.
The JCA provides an important component of the preparation of the logistics supply chain for the Project as the Company advances development.
The Victory Bore Vanadium Project
Surefire is developing the Victory Bore Vanadium Project to produce a magnetite concentrate on site at the
Victory Bore mine, with the concentrate then shipped to the Kingdom of Saudi Arabia (KSA) for processing to produce the high value products of vanadium pentoxide, ferro-vanadium, pig iron, iron oxide, and titanium slag.
The company completed a Pre-Feasibility Study in December 2023, with highly positive results for the Project of US$1.1B NPV10% , 42% IRR, 2.4 years payback over a 24-year mine life,
Following this, the company engaged with the KSA government and Saudi based companies to progress the process plant locations, establish a presence in KSA and position the company for development.
“The execution of this Joint Cooperation Agreement represents a step forward in our logistics chain and is another advancement of our future operation plans as we continue development of the Victory Bore Project,” Managing Director, Paul Burton, said.
Logistics
The company has been progressing discussions with logistics providers to both transport the concentrate from the Victory Bore mine site to the Port of Geraldton, and from the Port of Geraldton, to KSA and other destinations in South Korea, Japan and China subject to offtake discussions on the proposed final production.
An understanding of the availability of port access, storage and ship loading facilities underpin these discussions.
Next Steps
The company will continue further detailed discussions with MWPA.
Further details on this and logistics will be provided once arrangements are progressed.
