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Jiangxi Copper and Antofagasta agree lower treatment charges for 2019—The 20th China(Guangzhou)Int’l Heat Treatment, Industrial Furnace Exhibition
11/16/2018 热处理展-工业炉展-heat treatment expo-furnace expo |
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Reuters reported that Chinese copper smelter Jiangxi Copper and miner Antofagasta have agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound. The charges agreed between Jiangxi and Antofagasta are down from the 2018 benchmark of $82.25 a tonne and 8.225 cents a pound.
This is the first major deal for the coming year, which typically sets the benchmark for the sector. Miners pay the TC/RCs to smelters to process their concentrate into refined metal, offsetting what the smelters pay the miners for the concentrate. TC/RCs typically fall when concentrate supply declines or smelting capacity rises, with the level agreed playing a large role in the profitability of both sides.
The fall marks a fourth consecutive drop in the annual TC/RC benchmarks since it was agreed at $107 a tonne for 2015.
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