Develop Global has announced that it has achieved its five-year mining services business plan in just 18 months.
The company’s latest agreement will see it undertake underground development activities for Karora Resources’ Beta Hunt mine in the Goldfields region of Western Australia.
Beta Hunt is located less than 100km away from Develop’s Pioneer Dome lithium project. The company is also seeing strong results from its $400 million underground mining contract at the Bellevue gold mine.
“It has taken just 18 months for our mining services division to meet the key activity, revenue and capability targets we set out in our five-year business plan,” Develop managing director Bill Beament said.
“This phenomenal result reflects the strength and capability of the world-class team of highly experienced
underground personnel we have built in such a short time.
“The strong revenue now being generated from the provision of mining services will also be highly valuable as we seek to secure the most attractive funding terms possible to advance our critical minerals assets in Australia.”
Develop has now ramped up its measured and indicated resource at its Woodlawn zinc-copper-lead-gold-silver mine in New South Wales by 11 per cent.
“This expanded and upgraded resource is a pivotal outcome for Woodlawn because it will drive the imminent reserve update,” Beament said.
“This will in turn underpin Woodlawn’s economics and position Develop to secure the most attractive source of project funding.
“With the copper price rising and widely forecast to increase much further, the Woodlawn inventory, short time frame to production and strong growth outlook means Develop offers investors much sought-after ASX-listed exposure to the metal.”
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