Australia’s Surefire Resources announced at the Future Minerals Forum in Riyadh, Kingdom of Saudi Arabia (KSA), that it has entered into a non-binding MoU with Ajlan & Bros Mining and Metals Company. 

Ajlan, a subsidiary of Ajlan & Bros Holding in KSA, is a firm with a background in mining, processing, manufacturing, and development on both a national and international scale.

The MoU sets the stage for a substantial collaboration between Surefire and Ajlan, focusing on a joint venture (JV) involving Surefire's flagship Victory Bore Vanadium Project in Australia and the establishment of a mineral processing facility in KSA for magnetite concentrate from the Victory Bore Project. The Victory Bore Project, currently in its pre-feasibility study, boasts a total mineral resource of 465Mt at 0.30% V₂O₅, 5.1% TiO₂, and 17.7% Fe.

Under the envisaged binding JV agreement, Surefire will concentrate on Australian aspects, while Ajlan will oversee operations in KSA, complemented by an investment from Ajlan into the Project. This MoU builds upon Surefire’s ongoing collaboration initiated with the Ministry of Investment Saudi Arabia (MISA) in 2023, specifically for the downstream processing of vanadium from the Victory Bore Project.

This strategic move aligns well with Surefire's business plan, aiming to forge a collaborative development pathway with a Saudi partner, capitalizing on the incentives offered in KSA, such as low power and utility costs and substantial funding incentives of up to 75% for mineral processing projects. With plans to produce 1.25Mtpy of high-quality vanadium-titanium magnetite concentrate from the Victory Bore Project, Surefire is poised to take advantage of the demand from KSA's steel sector, which includes a growing need for vanadium products like ferrovanadium. Vanadium electrolyte will also be required for the development of vanadium redox flow batteries.

This collaborative venture not only positions Surefire strategically in the global vanadium market but also reflects a positive trend in international partnerships fostering sustainable development in the vanadium mining and resource sectors. Surefire’s approach to aligning with international partners indicates a promising future, leveraging mutual strengths for the benefit of both parties and the broader industry in the vanadium market.