Develop is now planning to undertake an exploration strategy for the Woodlawn project. Credit: mikael116 from Pixabay.

Australian company Develop has concluded the takeover of the Woodlawn zinc-copper project in New South Wales (NSW), Australia, from mining firm Heron Resources.

As part of the deal signed earlier this year, Develop paid $21.3m (A$30m) upfront, comprising A$15m in cash and 4,782,859 in fully paid ordinary Develop shares.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

The Woodlawn underground mine and processing plant was placed into care and maintenance in 2020.

Prior to that, the project was redeveloped with a A$340m investment by Heron Resources.

Heron was placed in administration in July 2021.

Develop managing director Bill Beament called the acquisition of the Woodlawn project a ‘pivotal point’ in its growth strategy.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Beament said: “This is an outstanding deal, which has delivered Develop a world-scale project complete with an underground mine and processing infrastructure.

“We have used the three months since we agreed the purchase to devise a full exploration strategy with the aim of converting Inferred Resources, extending the mineralised lenses, which we know are open at depth, and drill testing the EM conductors identified by leading consultants NewExco.”

Develop is now planning to undertake exploration strategy for the Woodlawn project to convert inferred resources to indicated to extend the mineralised lenses at depth.

Preparations are already underway for an exploration decline and underground drilling programme at the project.

Furthermore, Develop reimbursed A$500,000 to Orion relating to Woodlawn project care and maintenance costs incurred by the latter.

In accordance with the co-operation deed signed with Orion, Develop also agreed on success-driven milestone-related payments of up to A$70m in cash or shares to Orion.

Mining Technology Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Mining Technology Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now