True North Copper (TNC) will combine the Great Australia Mine Reserve (GAM) and the Wallace North Reserve into the Cloncurry copper project, a single proposed mining operation.
The project is located in north-west Queensland and TNC has found high reserves of both copper and gold present in the area.
TNC managing director Marty Costello said it has been a six-month journey to get to this point, but the company is confident in its plan.
“We have reached a point where the TNC board can confidently commit to restart mining at our Cloncurry copper project,” he said.
“As shown in the initial GAM Reserve announcement, the fully permitted project presents an opportunity for a low capital expenditure and cash-generative opportunity.”
TNC will release an update on project economics for the expanded project on completion of the updated GAM Reserve and the maiden Wallace North Reserve in early 2024.
“We also plan to reinvest expected free cash flows into the further exploration and development of what we believe to be one of Australia’s most promising critical mineral copper projects – the Mt Oxide project,” Costello said.
Also located in north-west Queensland, the Mt Oxide project produces copper, cobalt and silver and is 100 per cent owned by TNC.
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