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True North Copper (ASX:$TNC) green-lights cloncurry copper project mining restart plan

True North Copper announces Cloncurry Copper Project mining restart plan


True North Copper Limited (ASX:$TNC) has announced the endorsement of the Cloncurry Copper Project mining restart plan. The decision to combine both Great Australia Mine and Wallace North into the CCP was supported by the TNC Board based on internal management presentations on project economics. The finalised CCP mine plans will be announced on completion of the updated Great Australia Mine Reserve and the maiden Wallace North Reserve, expected early 2024.

Executive Commentary on Cloncurry Copper Project Mining Restart Plan


True North Copper Managing Director, Marty Costello, expressed confidence in the restart of mining at the Cloncurry Copper Project. The fully permitted project presents an opportunity for low capital expenditure and cash-generative prospects. TNC will release an update on project economics for the expanded CCP on completion of the updated Great Australia Mine Reserve and the maiden Wallace North Reserve in early 2024. Additionally, the company plans to reinvest expected free cash flows into further exploration and development of the Mt Oxide Project.

Summary of Cloncurry Copper Project Mining Restart Plan


True North Copper Limited (ASX:TNC) has green-lit the Cloncurry Copper Project mining restart plan, combining the Great Australia Mine and Wallace North into a single proposed mining operation. The decision was based on positive exploration and development outcomes, with the finalised CCP mine plans to be announced upon completion of the updated Great Australia Mine Reserve and the maiden Wallace North Reserve in early 2024. The company's Managing Director, Marty Costello, highlighted the project's potential for low capital expenditure and cash generation, with plans to reinvest free cash flows into further exploration and development of the Mt Oxide Project. TNC aims to release an update on project economics for the expanded CCP in early 2024, setting the stage for the company's ambitions in the coming year.

Sourcehttps://announcements.asx.com.au/asxpdf/20231212/pdf/05yg8bzt7z2963.pdf

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