True North Copper and Glencore partner for Cloncurry product
True North Copper (ASX:TNC) has signed binding offtake and toll-mining agreements with Glencore for its Cloncurry copper project (CCP) in Queensland.
Under the agreements, Glencore will purchase 100% of copper concentrate from Cloncurry and process up to 1mtpa of Cloncurry ore at its Mount Isa smelter. True North will be entitled to claim 20% Queensland State royalty discount for all material processed through the smelter.
The tolling agreement contains customary terms and conditions, including agreed tolling charge and agreed processes for assaying, weighing, sampling and moisture determination.
True North managing director Marty Costello says the agreements are a significant milestone for the company.
“Executing binding offtake and toll-mining agreements with an industry major such as Glencore is a significant milestone for TNC and our Cloncurry copper project,” he said.
“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.
“We’re thrilled to partner with Glencore, recognising our substantial synergies and potential for future collaborations. We are also incredibly proud this partnership with deliver economic benefits to northwest Queensland.”
 has signed binding offtake and toll-mining agreements with Glencore for its Cloncurry copper project in Queensland.){kind=link}