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Jiangxi Copper, Freeport Agree to 12% Rise in Treatment Charges

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Nov. 21 (Bloomberg) -- Jiangxi Copper Co. and Freeport-McMoRan Copper & Gold Inc. agreed to annual treatment charges of $63.5 a ton and 6.35 cents a pound, according Pan Qifang, board secretary of China’s biggest copper producer.

The fees were settled last week and discussions begin this week with BHP Billiton Ltd. on the charges, Jiangxi’s Pan said in a phone interview. The agreement represents an about 12 percent increase from $56.6 reached last year with Freeport, according to Bloomberg News calculcations based on data from CRU International Ltd.

The fees for turning ore into refined metal are known as treatment and refining charges, or TC/RCs. The fees are expressed in dollars per ton of concentrate received and refining fees in cents per pound of copper in the ore. The charges are deducted from the price paid by smelters to mining companies for the raw material.

To contact Bloomberg News staff for this story: Helen Yuan in Shanghai at hyuan@bloomberg.net

To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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