True North Copper is raising $24.3 million to help take its Cloncurry Copper Project through to steady-state production and advance other work in North-West Queensland.

First copper concentrate sales from commercial mining at CPP are expected in the second half of 2024, at a time when copper prices are at 10-year highs, according to True North Copper executive chairman Ian McAleese.

The Cloncurry Copper Project incorporates the Great Australia Mine reserve (including Great Australia Mine, Taipan and Orphan Shear deposits) and the Wallace North site, which is set to be first cab off the rank for mining.

“It is our goal to restart operations at Cloncurry to become Australia’s next copper producer and this equity raising will strengthen our balance sheet through to steady state production at the CCP,” True North Copper executive chairman Ian McAleese said.

“Backed by our binding offtake and toll milling agreements with Glencore, we are ready to transform our Cloncurry project into a profitable mining operation.”

Related: True North gears up for Cloncurry mining

He said cash flow from mining would fund extensive exploration at both Mt Oxide and the Cloncurry district.

“In addition to restarting Cloncurry, we have vast potential to grow resources and reserves for this project as well as further build our inventory at the Mt Oxide project, with a 10km-plus prospective trend we are keen to explore in addition to our Vero resource, which hosts a resource of nearly 16 million tonnes at 1.43 per cent copper and 6.91 g/t silver total combined measured, indicated and inferred resource,” Mr McAleese said.

The equity raising underway will comprise an institutional placement of about 135.2 million new fully paid ordinary shares to raise $7.6 million and a 1-for-2 pro rata accelerated non-renounceable entitlement offer of 298.2 million new shares to raise $16.7 million.

Key True North shareholder Tembo Capital Holdings UK has committed to participate up to $6.0 million through the institutional entitlement offer and priority sub-underwriting of the retail entitlement offer.

Nebari Natural Resources Credit Fund have committed to sub-underwrite the retail entitlement offer for up to $0.5 million.