True North (ASX:TNC) moves to Cloncurry mining for Queensland copper

True North Copper has crunched the numbers and seen the right figures for a mining restart at its Cloncurry Copper Project in Queensland, now set for copper production from its Wallace North ore reserves early in the June quarter of 2024.

The greater project covers a quartet of open pit deposits, a fully owned concentrator, and several exploration targets on granted mine leases True North believes to be of substantial quality.

Cloncurry’s Great Australia Mine and its 4 million tonnes at 0.74 per cent copper and 0.08 grams per tonne gold covers the largest share of True North’s resource base, but the soon-to-be producer has opted to begin from a smaller higher-grade reserve at Wallace North.

True North Copper Managing Director Marty Costello said the company was in an exciting and transformational phase.

“Thanks to the hard work of our Mining Operations Team we are prepared and ready to deliver on our Cloncurry Copper Project Mining Restart Plan with mining commencing at Wallace North in early Q4 FY24,” he said.

“CCP project economics confirm a robust mining operation that is low risk and low cost. Projected mine revenue is Australian $367 million with a free cash flow of A$111M.

“Our plans to develop Mt Oxide into our next mine continue as we finalise the Vero mineral resource re-estimation and optimisation study.”

The ramp-up towards mining will first build ore stockpiles, with haulage set to begin in May and sulphide ore then sent off to Glencore, who has signed a binding offtake deal for all of the copper concentrate produced from the Cloncurry project.

Even with the impending closure of Glencore’s Mt Isa copper operations, exploration in the region has continued largely unabated, and True North’s move to mining shows the region’s lucrative production will not be consigned to history.

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