Australian mining and services company Develop Global says it is pursuing “numerous opportunities” to grow its contract mining arm, which increased revenue in FY2025 to A$212.3 million from $147m in FY24.
Develop recently completed a $180 million equity raise and has earmarked nearly all of the capital for mine development opportunities at the producing Woodlawn multi-metal operation in New South Wales and Sulphur Springs zinc-copper project in Western Australia. The company had $58 million in the bank before raise and previously announced a scrip takeover of WA lithium developer Essential Metals worth $152.6 million.
Develop Mining Services is working solely for Bellevue Gold in WA at this stage. DMS hasn’t elaborated on its pipeline.
Bellevue continues to ramp up underground production after pouring first gold from a new mine in 2023 and announcing commercial production in 2024. Develop said June quarter total ore mined was 291,242 tonnes and total development reached 4384m for the period.
“The fleet of five jumbos also had a strong performance with an average of circa-300m advance per jumbo per month for the quarter,” the contractor said.
Develop managing director Bill Beament previously headed Australian gold major Northern Star Resources. The company issued 40 million shares at $4.50 to raise $180m, giving it “the flexibility to take advantage of growth and partnership opportunities across our mine ownership and mining services divisions”.
“We have a particularly enticing opportunity at Sulphur Springs which we intend to maximise by building the underground decline and associated infrastructure at the start of the project,” Beament said.
“We also intend to create substantial additional value by extending the mine life at Woodlawn and Sulphur Springs.”
Develop’s shares are down nearly 9% in the past month to $4.47, capitalising the company at about $1.47 billion.
