What are the key details of the contract between Develop Global (ASX:DVP) and Core Lithium (ASX:CXO)?

Develop Global has secured a A$274 million contract to manage underground development and production at Core Lithium's Finniss Lithium Project in the Northern Territory.

How much revenue will the Finniss Project generate for Develop Global (ASX:DVP)?

The contract is projected to deliver steady-state annual revenue of approximately A$120 million for Develop Global. This adds significant scale to the company’s mining services division, which recently initiated a five-year contract in New Zealand.

Why is the timing of the Core Lithium (ASX:CXO) contract significant for Develop Global?

The start of the Finniss contract aligns with the July 31, 2026, expiration of Develop’s current underground mining contract at Bellevue Gold (ASX:BGL). This "synchronicity" allows the company to transition smoothly between major projects without significant downtime.

How does Develop Global (ASX:DVP) plan to manage its capital expenditure for this new project?

Develop Global will redeploy approximately A$50 million worth of assets—including electrical infrastructure, fixed plant, and mobile mining fleets—from the Bellevue site to the Finniss Project.

What does the workforce transition mean for Develop Global (ASX:DVP) operational margins?

By reallocating its specialized underground mining team from Bellevue to Core Lithium, Develop Global aims to protect its margins in a tight labor market

What is the long-term production outlook for the BP33 deposit?

The BP33 deposit is a central asset of the Finniss Operation, offering a mine life of more than 10 years and significant exploration upside. Underground mining activities are scheduled to officially commence in July 2026 following a mobilization period in June.

Develop secures $274M Finniss Lithium mining contract

Written by Mahathir BayenaPublished May. 13 2026Last Updated May. 13 2026

Develop Global (ASX:DVP) announced a transition in its mining services portfolio, securing a $274 million contract for Core Lithium's (ASX:CXO) Finniss Lithium Project in the Northern Territory.

The agreement, focusing on development and production at the BP33 underground deposit, carries a minimum three-year term with a two-year extension option.

The new venture is projected to generate steady-state annual revenue of $120 million for Develop.

The timing of the award aligns with the completion of Develop’s underground mining contract at Bellevue Gold (ASX:BGL) in Western Australia on July 31.

The synchronicity allows for a reallocation of resources, including the redeployment of approximately $50 million in electrical infrastructure, fixed plant, and mobile mining fleet to the Finniss Project and other internal operations, such as the Sulphur Springs and Pioneer Dome projects.

A critical component of this transition is the retention of Develop's specialised underground mining personnel.

Managing Director Bill Beament emphasised the value of this team, noting that mobilising experienced staff from Bellevue to Core Lithium ensures technical continuity and protects operational margins in a tight labour market.

Mobilisation is scheduled for June, with underground mining activities at the BP33 deposit—an orebody boasting over 10 years of mine life—set to commence in July.

The expansion further strengthens Develop’s growing mining services arm, which also recently commenced a five-year contract at OceanaGold’s Waihi North Project in New Zealand.

At the time of reporting, Develop Global’s share price was $6.18.