True North Copper and Glencore Forge Partnership to Advance Cloncurry Copper Project

In a move poised to impact the global copper market, True North Copper (TNC) has announced a partnership with commodities giant Glencore to advance the development of the Cloncurry Copper Project (CCP) in Queensland. This collaboration is expected to not only significantly boost TNC's Cloncurry copper project but also contribute to the global copper industry.

Under the agreement, Glencore will play a role in the partnership by processing CCP's concentrate at its nearby Mt Isa smelter. Additionally, Glencore will purchase 100% of the copper metal produced from the Cloncurry project. This arrangement ensures a stable sales channel and processing services for TNC, maximizing its production capacity. The involvement of Glencore is anticipated to enhance the project's visibility, instilling confidence and attracting more investors and potential partners.

As a significant aspect of the partnership, TNC will benefit from a 20% discount on Queensland royalties for all materials processed through the Mt Isa smelter. This discount is poised to lower TNC's production costs, ultimately improving profitability. In a highly competitive mining market, this strategic advantage positions TNC to remain competitive and deliver better returns to its investors.

Marty Costello, TNC General Manager, emphasized the significance of the binding offtake and toll milling agreement with Glencore as a major milestone for both the company and the Cloncurry copper project. The partnership represents substantial progress in advancing the project's development. TNC is committed to working closely with Glencore to further advance the Cloncurry project, contributing additional supply to the global copper market.

With the global economy recovering and infrastructure construction accelerating, the demand for copper continues to grow. The development of the Cloncurry project is poised to meet this increasing global demand for copper, contributing to the stability of the copper market. The success of the Cloncurry project is expected to unlock new business opportunities and collaboration possibilities for both True North Copper and Glencore.