HIGHLIGHTS
- Mining actions at TNC’s Wallace North deposit, a part of its Cloncurry Copper Challenge (CCP) in Queensland, proceed to efficiently ramp up in keeping with the present CCP mine plan.
- TNC stays on observe to change into Australia’s subsequent copper producer and important metals provider in Q1 2025 by way of its restart of CCP.
- Circa 155k BCM (Financial institution Cubic Metres) of overburden has been mined thus far with roughly 6,000t of oxide ore mined and positioned on the Wallace North RoM.
- Oxide ore is now being transported to the Nice Australia Mine (GAM) crusher with stacking on the leach pad to start October 2024.
- CCP is estimated to generate free money movement of ~$200 million at present copper spot costs over its preliminary 4.6-year mine life.
- TNC has binding offtake and toll milling agreements with Glencore Worldwide AG (Glencore) for 100% of copper focus from CCP and toll milling of as much as 1Mt of ore per yr.
- TNC is focussed on rising its workforce to help its goals at CCP together with the recruitment of a considerable variety of personnel by mid-October for the GAM and Wallace North.
TNC final week commenced transportation of first oxide ore from the Wallace North pit to the Nice Australia Mine (GAM) crushing facility. Irrigation of the ore will start October 2024 and contribute to improved copper manufacturing from the Solvent Extraction (SX) plant. This would be the first ore mined by TNC that can be added to the heap leach since commissioning the SX plant in 2023.
In July, TNC introduced the graduation of mining actions at Wallace North, one in every of 4 open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Possible) grading 1.01% Cu and 0.46g/t Au for six.8kt Cu and 10.0koz Au2.
TNC has binding offtake and toll milling agreements with world commodity dealer Glencore Worldwide AG for 100% of copper focus produced at CCP and toll milling of as much as 1Mt of ore per yr3. Underneath the toll milling settlement, sulphide ore can be transported to a third-party concentrator for toll therapy.
COMMENT
True North Copper’s Managing Director, Bevan Jones stated:
“Our crew at Wallace North has continued to advance mining actions on schedule with the present CCP mine plan. TNC’s progress in the direction of turning into Australia’s subsequent copper producer has taken vital steps ahead since our earlier Wallace North replace, with 6,000t of oxide ore having now been mined and transportation of this ore to the GAM crusher underway. We anticipate to start stacking of this ore on the leach pad in October, the subsequent milestone on this course of that we are actually focusing on. That is the primary new copper ore mined and added to the heaps by TNC.
In parallel, TNC is focussed on rising our workforce to ship on these goals at CCP. The recruitment course of continues for the GAM and Wallace North, with a considerable variety of positions to be crammed by mid-October.
“This progress on each fronts strengthens TNC’s place not solely as an rising copper and important metals firm, but additionally as a North Queensland-based firm centered on offering alternatives throughout the communities by which it operates. As mining actions progress additional at CCP, we stay up for persevering with to supply common updates.”
Determine 1. First Ore Haulage from Wallace North.
Wallace North Mining Replace
Since TNC introduced the graduation of mining actions at Wallace North4 (refer ASX Announcement dated 1 July 2024), the Firm has mined circa 155k BCM of overburden and is on schedule with the present CCP mine plan. Together with the 155k BCM, roughly 6,000t of oxide ore has been mined and positioned on the Wallace North RoM thus far.
Since exposing the oxide ore within the Wallace North open lower pit, the Firm has been stockpiling ore on the Wallace North RoM for street haulage to start. TNC has now commenced transportation of the oxide ore by street prepare to the COH’s heap leach. Sulphide ore will then be transported to a close-by concentrator for toll therapy beneath TNC’s toll-milling settlement with Glencore. Transitional and Sulphide ores are anticipated to be mined and stockpiled within the December quarter.
The COH is 2km from the city of Cloncurry in northern Queensland and can service all 4 of TNC’s deposits with important infrastructure, technical programs and help. An energetic oxide heap leach and solvent extraction (SX) processing plant, mine buildings, web site administration services, workshops, open pit mine services, onsite explosive magazines, web site storage, water administration programs and present web site energy provide are positioned on the COH.
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