Surefire Resources (ASX:SRN) pre-feasibility shows compelling economics
December 5, 2023Surefire Resources has confirmed the viability of its 465Mt Victory Bore Vanadium Project, located close to existing infrastructure with direct transport links to Geraldton Port in Western Australia.
An updated Mineral Resource of 465 Mt @ 0.30% V2O5, 5.1% TiO2 and 17.7% Fe will produce 4 Mt/a of ore to produce approximately 1.25 Mt/a of high-grade magnetite concentrate from its Victory Bore project in Western Australia.
Magnetite concentrates will then be processed at a downstream facility in Saudi Arabia (KSA).
Surefire Resources Managing Director Paul Barton said processing in Saudi Arabia will provide lower operating and capital costs and proximity to markets.
“This is an outstanding result for our world-class critical minerals project and shows that in the current economic environment, offshore processing is the right approach to getting this project into development and production,” Mr Barton said.
“We look forward to taking this project forward, completing the following significant milestones and engaging with KSA companies interested in being part of our project and development.”
Surefire has commenced discussions with interested Saudi companies as partners in the KSA processing operation.
Development proposal for Victory Bore
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