** Shares of Cyprium Metals CYM.AX rise as much as 11.1% to A$0.03

** Copper develop rose as much as 18.5% earlier in the day, hitting their highest level since Oct. 21

** Co enters non-binding heads of agreement with mining services provider Macmahon Holdings MAH.AX

** Says agreement is to accelerate co's redevelopment of Nifty Copper Complex in Western Australia

** Shares of Macmahon fall 1.6% to A$0.315

** Cyprium up more than 17% this year, as of last close

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com))