Australian Securities Exchange-listed True North Copper (TNC) has announced plans to restart mining operations at its Cloncurry Copper Project (CCP) in Queensland, Australia, early in the fourth quarter (Q4) of fiscal year 2024 (FY2024).
The company is set to begin mining ore at the Wallace North site, with preparations already under way, including the mobilisation of mining equipment and infrastructure.
In March 2024, TNC progressed with the preparation of existing access and haulage roads for the upcoming mining activities.
Its technical service teams have also completed short-term mine scheduling.
The initial phase of the mining ramp-up will focus on building ore stockpiles, with haulage expected to commence in mid-May 2024.
The oxide ore from the CCP will be transported to the Cloncurry Operations Hub's heap leach by road train.
Meanwhile, the sulphide ore will be sent to a nearby concentrator for toll treatment as per TNC's toll-milling agreement with Glencore International.
CCP encompasses the Great Australia Mine (GAM) Reserve, which includes the Great Australia Mine, Taipan and Orphan Shear deposits, as well as the Wallace North Reserve.
The combined reserves total 4.7 million tonnes with a grade of 0.80% copper and 0.13 grams per tonne gold, containing 37.5kt of copper and 20 kilo ounces of gold. The project has a strip ratio of 4.22.
TNC's restart plan for the CCP indicates positive project economics, with projected mine revenue of A$367m ($239.69m) and free cash flow of A$111m.
At the commencement of mining operations, the planned rate is 300kt per annum total movement, with ore mining volumes expected to increase over the first three months.
True North Copper managing director Marty Costello said: “This is an exciting and transformative phase for TNC.
“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. CCP project economics confirm a robust mining operation that is low risk and low-cost.
“Projected mine revenue is A$367m 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.”
