Copper, Exploration/Development, Gold, News, Production

Queensland copper mine nears production


True North Copper (TNC) has commenced mining operations at the Wallace North deposit, part of the company’s Cloncurry copper project in Queensland.

TNC is well on its way to becoming Australia’s next copper producer, with clearing activities and blast hole drilling commencing at Wallace North.

“We have commenced mining operations at Wallace North, which will allow our Cloncurry copper project to restart copper production,” TNC managing director Bevan Jones said.

Wallace North boasts a probable ore reserve of 0.7 million tonnes at 1.01 per cent copper (or 6,800 tonnes), and 0.46 grams per tonne gold (or 10,000 ounces).

“Cloncurry is estimated to deliver free cash flow of about $200 million at current prices over its 4.6-year initial mine life, based on existing JORC reserves,” Jones said.

“Cash flow from mining will be used to explore further opportunities to build this inventory.”

TNC will operate dry hire equipment at Wallace North, which its own personnel will operate, with most mining equipment already on site. Dewatering of the pit area is well advanced, with all blast hole drilling expected to be in dry holes.

A recruitment process for the operations team is close to finalisation, and a supportive technical team is in place ready for mining to start.

Executive changes
TNC recently bolstered its executive team with the appointment of Bevan Jones as the company’s managing director. Jones has a strong operational background with nearly 30 years’ experience in mine management.

Jones’ previous roles include general manager at Gold Fields’ St Ives gold mine, and chief operating officer at Karora Resources.

TNC also appointed chartered accountant Craig Gouws as chief financial officer.

Gouws has extensive Australian and international experience as a CFO and director with a demonstrated history of successfully leading financial operations across diverse industries and international markets.

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