Connect with us

Hi, what are you looking for?

Editor's Pick

True North Copper Commences Mining at Wallace North, QLD

True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to announce mining operations at its Wallace North deposit in northern Queensland have commenced, with clearing activities and blast hole drilling underway.


  • Mining activities at True North Copper’s Wallace North deposit, part of its Cloncurry Copper Project (CCP) in Queensland, have commenced with clearing and blast hole drilling underway
  • TNC is on track to become Australia’s next copper producer and critical metals supplier via its restart of CCP
  • CCP is estimated to generate free cash flow of ~$200 million at current copper spot prices over its initial 4.6-year mine life1
  • Recent executive appointments have bolstered TNC’s executive team ahead of operations restart.

Wallace North is part of True North Copper’s Cloncurry Copper Project (CCP) and one of four open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au3.

TNC will operate dry hire equipment at Wallace North, which its own personnel will operate, with most mining equipment already on site. Dewatering of the pit area is well advanced, with all blast hole drilling expected to be in dry holes.

A recruitment process for the operations team is close to finalisation, and a supportive technical team is in place ready for mining to start.

True North Copper’s newly appointed Managing Director Bevan Jones said: “We have commenced mining operations at Wallace North, which will allow our CCP to restart copper production. This has been our major goal since listing on the ASX. I thank our team for their efforts in moving towards this goal to allow TNC to become Australia’s next copper and critical metals producer.

“CCP is estimated to deliver free cash flow of about $200 million at current prices over its 4.6-year initial mine life, based on existing JORC Reserves. Cash flow from mining will be used to explore further opportunities to build this inventory.”

Mining ramp-up will initially build ore stockpiles, with road haulage expected to start within a few weeks of startup. Oxide ore will be transported by road train to TNC’s Cloncurry Operations Hub’s (COH) heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC’s toll-milling agreement with Glencore International AG.

The COH is 2km from the town of Cloncurry in northern Queensland and will service all four of TNC’s deposits with essential infrastructure, technical systems and support. An active oxide heap leach and solvent extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.

Click here for the full ASX Release

This post appeared first on

You May Also Like


Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...


Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...


NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...


The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.

Copyright © 2024