Develop Global has greenlit the simultaneous construction of two major growth assets in Western Australia after securing US$400 million (A$570 million) financing and offtake package with global commodities trader Trafigura.
The company’s board has reached final investment decisions (FID) on both the newly renamed Yitirrti copper-zinc project, formerly Sulphur Springs, in the Pilbara and the Pioneer Dome lithium project in the Eastern Goldfields.
The funding injection, consisting of a US$350 million senior secured loan facility and a US$50 million warrant package, will fund both developments while refinancing Develop’s existing Woodlawn facility.
The agreement positions the company to become a diversified, mid-tier producer generating cashflow from three separate Australian operations alongside its established mining services division.
Develop Managing Director Bill Beament described the Trafigura transaction as a major milestone for the company.
“These agreements are transformational for Develop, setting us up to have three projects producing highly sought-after metals in tier-one locations,” Beament said.
“With these funding and binding offtake agreements in place, the growth outlook for our cash generation is now exceptional.
“The commercial terms we have secured across our offtake agreements are highly favourable and reflect how tight global base metal concentrate and lithium supply chains are right now.”
At the A$450 million Yitirrti project, renamed at the invitation of the Nyamal First Nations people to mean water soak, early underground works are already 26 per cent ahead of schedule.
GR Engineering Services has been appointed preferred EPC contractor, with first concentrate production slated for the June 2028 quarter. Trafigura has secured a seven-year commitment for 100 per cent of the site’s copper and zinc concentrates.
Concurrently, Develop has fast-tracked the A$40 million Pioneer Dome lithium project via a low-capital direct shipping ore (DSO) pathway to capitalise on strengthening market conditions.
Open-pit mining at the Cade deposit is scheduled to deliver first sales by the December 2026 quarter, supported by a Trafigura offtake agreement featuring a protected floor price.
The partners have also signed a binding co-operation agreement to jointly evaluate future regional acquisitions. It is expected that this agreement will give Develop access to Trafigura’s strong deal flow, enabling the partners to jointly assess acquisition and development opportunities.