Australia's Develop Global eyes best day in 5 weeks on NSW mine restart study

Develop Global

03/04/2024 01:39

** Shares of Develop Global  DVP.AX  rise as much as 7.9% to
A$2.590, on track for their best day since Feb. 29, if gains
hold
    ** Stock hits highest level since March 4 
    ** Base metals miner announces results of a production
restart study on its Woodlawn copper-zinc mine in New South
Wales
    ** Says study shows significant increases in the net present
value (NPV), reserves, free cashflow and mine life
    ** Says mine is forecast to generate revenue of A$2.6 bln
($1.69 bln) over an estimated 10-year life
    ** Says Woodlawn mine plan shows restart capital cost of
A$42 mln ($27.35 mln) 
    ** Co sees first production from Woodlawn in H1 CY2025 
    ** Stock down 15.2% YTD as of last close 
   


($1 = 1.5356 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))