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Antofagasta & Chinese Copper Smelters Agree on Copper Concentrates Deal

Metal News - Published on Fri, 03 Jul 2020

Image Source: Antofagasta TCRC
Chilean copper miner Antofagasta has agreed to supply Chinese smelters Tongling Nonferrous and Jiangxi Copper with copper concentrates in the first half of 2021 at treatment and refining charges of USD 60.8 per tonne, after the failure of the negotiation between Antofagasta and Japanese smelters over copper concentrate supply during July 2020 to June 2021. It is the second year in a row Jiangxi and Tongling have moved early to secure supply from Antofagasta for the following year after inking deals with TCs around the mid-USD 60s 12 months ago. Smelters are keen to lock in supply in advance amid rising competition for concentrate as processing capacity expands, especially with the risk of supply disruptions rising in South America due to the coronavirus.

Miners pay treatment and refining charges to smelters to turn ore into refined metal and the agreed rate plays a big role in determining the profitability of both sides. treatment and refining charges go down when supplies of copper concentrate tighten.

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Posted By : Yogender Pancholi on Fri, 03 Jul 2020
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