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ASX-listed Surefire Resources has inked a memorandum of understanding (MoU) with the Ministry of Investment in the Kingdom of Saudi Arabia (MISA) for concentrate processing and vanadium production using ore from its Victory Bale vanadium/alumina project.

“This is a very significant milestone and achievement for the company and provides a clear development pathway for the Victory Bore project as we progress the prefeasibility study (PFS),” said Surefire MD Paul Burton

“The Kingdom of Saudi Arabia is a rapidly developing region with demand and incentives for critical mineral resources. We welcome the engagement with MISA and look forward to working closely with them to achieve our mutually beneficial development plans.”

The MoU defines and outlines the development strategy for a mine and beneficiation operation at Victory Bore where high-grade vanadium concentrate is produced for transport to Geraldton port, and then on-shipping to Port Damam. Downstream processing of the concentrate would then occur in nearby industrial sectors to produce high-value end-products of vanadium pentoxide, vanadium electrolyte, ferro-vanadium, and bi-products of pig-iron, ferro-titanium and also potential for the company’s high purity alumina.

Surefire said in a statement on Wednesday that under the MoU, MISA will provide assistance for importing and processing of the mineral concentrate, and would provide investment opportunities and incentives to assist Surefire to secure binding agreements for funding and development, with MISA to also introduce partners for production facilities.

Surefire, in turn, will introduce its preferred engineering partners to design and construct the facilities, and will consider the establishment of a high purity alumina production facility in the Kingdom of Saudi Arabia.

The company is currently working on a PFS for Victory Bore, which is expected in November this year.