True North Copper (ASX:TNC) will hit the ground running in Q1 2024 including executing a toll milling and concentrate offtake agreement and restarting mining at its Cloncurry Copper Project.
The company also plans to release a production forecast and price guidance during the period while finalising and undertaking first drawdown of a US$28 million finance facility.
A reserve update is also due during the quarter for Cloncurry, which achieved copper metal production for Q4 2023 of 70.38 tonnes (288.612 tonnes of copper sulphate @ 24.39% Cu).
The company says this was less than operationally expected from the SX operations due to several events during late November and throughout December 2023. These included a change in operational power supply source resulting in unforeseen harmonics issues.
True North notes a failure of the tank agitator in TK5 and a reduction of crystal formation due to severe heat conditions including more than 23 days of 40-plus degrees Celsius in December 2023, as well as a plant heat exchange failure.
An independent third-party consultancy has been engaged across SX Plant commissioning and continues to advise True North across operations. The consultants conducted a site visit last week to evaluate the heap and plant’s current performance.
True North says the consultants confirmed significant amounts of copper are still leaching from the heap, and the crystal product is of a ‘very high quality’.
True North Copper’s Managing Director Marty Costello says the performance and availability of the SX Plant over the back end of the past quarter has been frustrating.
“TNC demands better performance of its SX Plant. We have made significant changes to the SX Plant’s management team. Our management team is also working collaboratively with specialist industry consultants, and we are confident in our revised strategy and capacity.
Copper sulphate production through the SX Plant represents about 10% of our proposed Cloncurry Copper Project Life of Mine (90% is sulphide concentrate production). Over the last quarter we have made great progress finalising our restart plans and our tolling and offtake agreements. We are excited to soon announce these developments.”
The company replaced and strengthened key process plant management personnel during Q3 2023.
Write to Adam Orlando at Mining.com.au
Images: True North
