True North Copper Delivers First Oxide Ore at Wallace North, Cloncurry Copper Project
True North Copper has successfully ramped up mining activities at its Wallace North deposit, part of the Cloncurry Copper Project (CCP) in Queensland. The company remains on track to become Australia’s next copper producer and critical metals supplier by the first quarter of 2025, as CCP progresses toward restarting operations.
To date, approximately 155,000 bank cubic metres (BCM) of overburden have been mined, with around 6,000 tonnes of oxide ore extracted and placed on the Wallace North run-of-mine (RoM) stockpile. This ore is now being transported to the Great Australia Mine (GAM) crusher, with stacking on the leach pad scheduled to begin in October 2024.
TNC estimates that the Cloncurry Copper Project will generate around $200 million in free cash flow over its initial 4.6-year mine life, based on current copper spot prices. The company has secured binding offtake and toll milling agreements with Glencore International AG, which will manage 100% of copper concentrate from CCP and process up to 1 million tonnes of ore annually.
As TNC gears up for copper production, it is focused on expanding its workforce. A significant recruitment drive is planned to support operations at both the Great Australia Mine and Wallace North, with new personnel expected to be in place by mid-October 2024.
