True North Copper has completed its Cloncurry copper project mining restart study, paving the way for mining to recommence at the site in the future.
The Cloncurry copper project is located in north-west Queensland and currently has an initial mine life of 4.6 years.
True North is anticipating mine revenue of $367 million once mining commences at the site.
“Our Cloncurry copper project mining restart study confirms a robust and sustainable mining operation that has capacity to generate substantial cash flow,” True North Copper managing director Marty Costello said.
“We believe our first life of mine plan demonstrates the project’s sound economic foundations and low-risk cost profile.”
True North holds a binding offtake and toll-milling agreement with Glencore for the project.
“We are committed to extending the mine life,” Costello said. “We are actively pursuing exploration and expansion opportunities within the GAM and Wallace North deposits, alongside our strategic tenure package around Cloncurry.”
All necessary permits for mining have been obtained and True North is currently undertaking final preparations for mining to restart in the first half of 2024.
Back in December 2023, 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 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.”
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