True North (ASX:TNC) strikes 100% offtake deal with Glencore

True North (ASX:TNC) strikes 100% offtake deal with Glencore

January 23, 2024 Off By Rueben Hale

Mining giant Glencore International AG has agreed to take 100% offtake from True North Copper as part of a binding offtake and toll-milling agreement at its Cloncurry Copper Project in Queensland.

True North Copper owns Queensland’s Queensland’s Cloncurry Copper Project and Mt Oxide Project. The company plans to start copper metal production at CCP by combining two mines.

Glencore will take the copper concentrate and provide toll-milling services for up to 1 million tonnes of ore annually.

Both parties have agreed to ore delivery and processing schedules, with the offtake agreement sales price for the metals contained in the copper concentrate in line with the market commercial terms for copper concentrate.

True North Copper will benefit from greater freight certainty, economic and logistics value, and a 20% discount on Queensland State Royalty for all material processed through the Mt Isa Smelter.

“Executing binding offtake and toll-milling agreements with an industry major such as Glencore is a significant milestone for TNC and our Cloncurry Copper Project,” True North Copper Managing Director Marty Costello said.

“CCP is fully permitted, and TNC is on track to soon be in production for copper, with CCP located in a Tier One jurisdiction.

“TNC’s investment thesis since listing last year has only improved, and we are excited to demonstrate this in the weeks and months to come.”

TNC.AX
TRUENORTH FPO [TNC]
ASX
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