We are initiating coverage on Develop Global with a SPEC BUY rating and set a A$3.00 price target. DVP has advanced the Woodlawn copper-zinc project in NSW to a production ready status, with <A$50m in capital required to bring the project into operation. However, given the weakness in zinc prices, we expect DVP could delay a re-start of the project. This decision would likely see DVP focus on growing revenues in Mining Services beyond the current two contracts at Bellevue and Mt Marion. The Pioneer Dome provides a second development option in a recovering lithium market.
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