True North delivers first oxide ore

First oxide ore has been successfully delivered from the Wallace North deposit, marking a significant milestone for True North Copper (TNC) at its Cloncurry copper project (CCP) in Queensland.

This marks a key step towards TNC’s goal of becoming Australia’s next copper producer by the first quarter of 2025.

Mining activities at Wallace North have ramped up in line with the CCP mine plan, with approximately 6000 tonnes of oxide ore mined and stockpiled at the site’s run-of-mine (ROM) facility.

The ore is currently being transported to the Great Australia mine (GAM) for crushing, with stacking on the leach pad set to commence in October 2024.

TNC’s restart of the CCP is expected to generate free cash flow of approximately $200 million over its initial 4.6-year mine life, based on current copper prices.

The company’s strong progress has been supported by binding offtake and toll milling agreements with Glencore, ensuring 100 per cent of CCP’s copper concentrate will be sold to the Swiss major.

The agreement includes the toll milling of up to one million tonnes of ore annually.

“Our team at Wallace North has continued to advance mining activities on schedule with the current CCP mine plan,” TNC managing director Bevan Jones said.

“TNC’s progress towards becoming Australia’s next copper producer has taken significant steps forward since our previous Wallace North update, with 6000 tonnes of oxide ore having now been mined and transportation of this ore to the GAM crusher underway.

“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. This is the first new copper ore mined and added to the heaps by TNC.”

With mining activities progressing steadily, TNC is also focused on expanding its workforce, with an aim of recruiting new personnel to support operations at both Wallace North and GAM by mid-October.

“This progress on both fronts strengthens TNC’s position not only as an emerging copper and critical metals company, but also as a North Queensland-based company focused on providing opportunities within the communities in which it operates,” Jones said.