True North Copper (TNC) has received commitments to raise approximately $10.7 million in cash in an effort to restart the Great Australia mine.
The Great Australia mine is a copper-gold mine located two kilometres south of Cloncurry in Queensland.
TNC will use the placement to further works on restarting the mine, along with exploration and mine life extension works at Cloncurry and drilling and survey works at the Vero resources.
“This placement represents a substantial de-risking of the Great Australia mine restart,” TNC managing director Marty Costello said.
“We expect completion of the mining study for the Great Australia mine and final investment decision by early December 2023. We are laser focused on delivering on our stated objectives and creating value for our shareholders.
“We are incredibly grateful to our existing shareholders for their loyal support and welcome new shareholders to the TNC register. The entire TNC team is working tirelessly to deliver on our strategy and repay the faith shown to us.”
It is expected that additional cash-flows from the Great Australia mine will support further exploration activities at TNC’s Vero resource which is part of the Mt Oxide project.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
