True North Copper Limited (ASX: TNC) has signed a binding offtake agreement with Glencore, a world leading natural resource company, for 100% of copper concentrate from True North Copper’s Cloncurry Copper Project (CCP).
The agreement also includes a binding toll-milling agreement for up to 1Mt of ore per year for the CCP’s life of mine.
True North Copper managing director, Marty Costello, commented, “Executing binding offtake and toll-milling agreements with an industry major such as Glencore is a significant milestone for TNC and our Cloncurry Copper Project. 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.”
The concentrate will be processed at the nearby Mt Isa Smelter (approx. 120km by major arterial road network), providing greater freight certainty and economic and logistics value for TNC.
Also, TNC will be entitled to claim 20% Queensland State Royalty discount for all material processed through the Mt Isa Smelter.
“CCP is fully permitted and TNC is on track to soon be in production for copper with CCP located in a Tier One jurisdiction. TNC’s investment thesis since listing last year has only improved, and we are excited to demonstrate this in the weeks and months to come. We’re thrilled to partner with Glencore, recognizing our substantial synergies and potential for future collaborations,” said Costello. “We are also incredibly proud this partnership will deliver economic benefits to north-west Queensland. We aim to create as many jobs and opportunities as possible for the people, businesses, and communities of north-west Queensland.”
To find out more, please visit www.truenorthcopper.com.au
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