A$138m sale of Heron Resources to Develop Global
On 17 February 2022, it was announced that Develop Global Limited had entered a series of binding agreements to acquire Heron Resources Limited (Administrators Appointed) (“Heron”) for a combination of upfront and deferred payments.
Heron’s primary asset is its 100% owned, high grade Woodlawn Zinc-Copper Mine located 250km southwest of Sydney, New South Wales. Construction activities commenced in September 2017 and were completed in the June 2019 quarter. Commissioning activities were subsequently completed with ramp-up proceeding with the first lead and zinc concentrate produced, transported to and shipped from Port Botany and Port Kembla in September and October 2019. The asset was placed on care and maintenance in March 2020.
The transaction completed on 20 May 2022.
Azure acted as financial adviser to Heron on all aspects of the transaction.