True North Copper (TNC) will start mining ore at its Cloncurry project in the next few months the company has confirmed.
TNC has set down the fourth quarter of this financial year to start mining ore at its project at Wallace North.
The company reports following monsoonal rains in February and March, preparation works have moved forward including the mobilisation of equipment and infrastructure on site, readiness of roads and the onboarding of staff.
Managing director Marty Costello said the progress is exciting news for the company.
"This is an exciting and transformative phase for TNC," he said. "Thanks to the hard work of our mining operations team we are prepared and ready to deliver on our Cloncurry Copper Project (CCP) mining restart plan with mining commencing at Wallace North in early Q4 FY24.
"CCP project economics confirm a robust mining operation that is low risk and low-cost.
"Projected mine revenue is $367 million (AUD) with a free cash flow of $111 million.
Our plans to develop Mt Oxide into our next mine continue as we finalise the vero mineral resource re-estimation and optimisation study."
The mining ramp-up will initially build ore stockpiles, with haulage expected to start in mid-May 2024.
Oxide ore will be transported by road train to the Cloncurry Operations Hub's heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore.
In January TNC signed a toll milling agreement with Glencore to process up to one million tonnes of ore per year throughout Cloncurry's life of mine.
At the time Mr Costello said "we aim to create as many jobs and opportunities as possible for people, businesses and communities of north west Queensland."
"We're thrilled to partner with Glencore, recognising our substantial synergies and potential for future collaborations."
