Two major Australian growth projects approved under Develop Global funding agreement
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Develop Global has approved final investment decisions (FID) for two major development projects in Australia – the Sulphur Springs copper-zinc-silver project and the Pioneer Dome lithium project – after securing a large funding and offtake package with global commodities trader Trafigura.
The agreement includes an approximately $570 million financing package, comprising a $500 million loan facility and a $70 million warrant package. It also includes binding offtake agreements for both projects, ensuring future production is sold under agreed terms.
Develop said the funding, combined with its existing $130 million cash balance and cashflow from operations, means both projects are fully funded. The company also noted that additional support may come from ongoing production at its Woodlawn operation and its mining services division.
At Sulphur Springs, Trafigura has committed to purchasing copper and zinc concentrate once production begins. Construction is already underway, with first concentrate expected in the June 2028 quarter.
The project will be renamed “Yitirrit” by the Traditional Owners, the Nyamal people, meaning “water soak”.
At Pioneer Dome, Trafigura has agreed to offtake direct shipping ore (DSO) lithium, with pricing linked to market conditions and a floor price mechanism. First sales from the project are targeted for the December 2026 quarter.
Develop also signed a broader cooperation agreement with Trafigura, allowing both companies to work together on future investment and development opportunities. The partnership is expected to provide access to Trafigura’s global deal pipeline and support potential acquisitions.
“These agreements are transformational for Develop, setting us up to have three projects producing highly sought-after metals in tier-one locations,” Develop Global managing director Bill Beament said in a statement.
“With these funding and binding offtake agreements in place, the growth outlook for our cash generation is now exceptional.”
Develop said the offtake terms reflect strong global demand and tight supply conditions in both base metals and lithium markets.
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