The board of True North Copper (TNC) has endorsed the Cloncurry project mining restart plan, with initial mining set for early 2024.
The ASX-listed company has combined the Great Australia Mine (GAM) reserve and the Wallace North resource, resulting in the decision to combine both projects as part of the mine plan going forward.
This single proposed operation will be called Cloncurry Copper Project (CCP).
“As shown in the initial GAM reserve announcement, the fully permitted project presents an opportunity for a low capital expenditure and cash-generative opportunity. TNC will release an update on project economics for the expanded CCP on completion of the updated GAM reserve and the maiden Wallace North reserve in early 2024,” said TNC MD Marty Costello.
The GAM reserve comprises four-million tonnes of ore at 0.74% copper and 0.08 g/t gold.
The company recently completed the refurbishment of the GAM solvent extraction plant within budget. Copper sulphate production is currently under way.
The mining restart study allows for the start of oxide and sulphide mining from openpits, located at GAM and Wallace North.