ASX-listed True North Copper (TNC) on Tuesday announced a partnership with commodities major Glencore, which will process concentrate from the Cloncurry copper project, in Queensland, at its nearby Mt Isa smelter.
The binding offtake and toll-milling agreements with the industry major are significant milestones for the company and the project, says TNC MD Marty Costello.
“Glencore has agreed to purchase 100% of the copper metal produced at CCP and we can process up to one-million tonnes of ore, each year, through the nearby processing plant near Cloncurry.
TNC will be entitled to claim a 20% Queensland state royalty discount for all material processed through the Mt Isa smelter.
Costello notes that Cloncurry is fully permitted and “on track to soon be in production”.