Develop Global secures $46 million development contract

Develop Global (ASX:DVP) has been awarded a $46 million underground development contract for the Mt Marion lithium mine in Western Australia. 

The project represents a joint venture (JV) between Mineral Resources (ASX:MIN) and Ganfeng Lithium (SHE:002460).

Under the contract, Develop, which has a $730.03 million market capitalisation, is expected to establish and develop an exploration decline at Mt Marion, which sits 40km southwest of the mining centre of Kalgoorlie and 95km from Develop’s Pioneer Dome Lithium Project. 

Develop reports the contract has a term of 18 months and is expected to begin in early 2024. 

Key works to be completed by Develop under the contract include surface facilities to support underground mining activities, portal establishment, installation of underground mine infrastructure, and the excavation of underground capital development and exploration drilling platforms.

The company is also expected to set up an ‘extensive’ diamond drilling program to grow the maiden underground resource of 9.5 million tonnes (Mt) at 1.52% lithium oxide (Li2O). 

Develop Global Managing Director Bill Beament says the contract represents a ‘significant’ vote of confidence in its ‘world-class’ underground mining team. 

“The strength of this team is shown by the outstanding results we are generating at the Bellevue gold mine, where the project is running on time and on budget. 

The Mt Marion contract is consistent with our stated strategy of securing 2 to 3 contracts within our mining services division.” 

“The Mt Marion contract is consistent with our stated strategy of securing 2 to 3 contracts within our mining services division”

On top of its mining services offering, Develop Global is an explorer and developer focused on the exploration and production of future-facing metals through its Sulphur Springs copper-zinc-silver Project in Western Australia’s Pilbara region and the Woodlawn zinc-copper Project in New South Wales. 

As of 30 September 2023, Develop had $56.7 million cash at hand, according to its latest quarterly report.

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Images: Develop Global
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.