02/08/2021 - 15:45

Venturex to become Develop

02/08/2021 - 15:45

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Bill Beament has unveiled a new name and business model for Venturex Resources, which plans to combine mining and contracting in a similar manner to major shareholder Mineral Resources.

Venturex to become Develop
Bill Beament is confident he can attract skilled talent. Photo: Attila Csaszar

Bill Beament has unveiled a new name and business model for Venturex Resources, which plans to combine mining and contracting in a similar manner to major shareholder Mineral Resources.

The company will be known in future as Develop.

It will focus on the development of clean metals, including its Sulphur Springs copper project in the Pilbara.

Mr Beament said Develop would also focus on contracting opportunities, specifically underground mining for companies with clean metals projects.

“We know the mines of the future are going to be underground,” he said.

“We have to lower our carbon footprint.

“What better way to achieve this than through underground mining.”

Mr Beament, who ran underground mining contractor Barminco before building Northern Star Resources into a major gold miner, said his new company had unique capability in underground mining.

He likened Develop’s plans to the business model Chris Ellison has executed successfully at iron ore and lithium miner Mineral Resources, which has a 14 per cent shareholding.

“MinRes have got the same model but they do it open pit,” he told journalists at the Diggers & Dealers conference in Kalgoorlie.

“It’s MinRes’ business model but underground effectively, but in the right commodities, the right thematic.”

Mr Beament’s presentation today comes just one week after he was made managing director and five months after Venturex announced he would be joining the company.

Its share price has rocketed over that time, from about 12 cents to nearly 80 cents on the back of Mr Beament’s move.

He said Develop’s contracting capability would help the company maximise its own projects while also providing scope to partner of joint venture with others.

“The main aim is to own assets,” he said, adding that the contracting arm would diversify Develop’s income and give it more capacity to service debt.

Mr Beament said his first aim was to build capability, indicating he did not expect to be troubled by the skills shortage facing many businesses.

“I will do that very quickly,” he told journalists.

”I’ve been swamped …… by the who’s who of the industry wanting to partner.”

Mr Beament said the four pillars of Develop’s strategy included its strong board of directors.

The latest addition is Shirley In't Veld, who joined the board after working with Mr Beament at Northern Star Resources.

Other directors include mining executive Michael McMullen and Perth lawyer Michael Blakiston.

He said the track record of the company’s directors would help it raise equity and debt finance.

Mr Beament also talked up the prospects for the Sulphur Springs project, which he said would benefit from higher copper, zinc and silver prices.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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