True North Copper (TNC) has reached a significant milestone at its Cloncurry copper project (CCP) in Queensland, successfully delivering first oxide ore from its Wallace North deposit.
This is a major step in TNC’s plans to become Australia’s next copper producer, with the company on track to begin production in the first quarter of 2025.
Mining activities at Wallace North have progressed, with around 155,000 bank cubic metres (BCM) of overburden removed and approximately 6000 tonnes of oxide ore mined.
Ore is being transported to the Great Australia Mine (GAM) crusher, with stacking on the leach pad expected to begin in October 2024.
TNC’s CCP is projected to generate approximately $200 million in free cash flow over its initial 4.6-year mine life, based on current copper prices.
The company has binding offtake and toll milling agreements with Glencore, ensuring 100 per cent of the copper concentrate produced at CCP is handled under the agreement.
The agreements include toll milling of up to one million tonnes of ore per year, with sulphide ore to be treated at a third-party concentrator.
True North Copper managing director Bevan Jones said the company has continued to advance mining activities at Wallace North on schedule with the current CCP mine plan.
“TNC’s progress towards becoming Australia’s next copper producer has taken significant steps forward since our previous Wallace North update, with 6,000t of oxide ore having now been mined and transportation of this ore to the GAM crusher underway,” he said.
“We expect to commence stacking of this ore on the leach pad in October, the next milestone in this process that we are now targeting.”
TNC is looking to grow its workforce, with plans to recruit a substantial number of personnel by mid-October to support operations at both the GAM and Wallace North sites.
“TNC is focussed on growing our workforce to deliver on these objectives at CCP,” Jones said.
“The recruitment process continues for the GAM and Wallace North, with a substantial number of positions to be filled by mid-October.”
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