Chinese Copper Smelter Inks First Drop in Fees in 3 Years
- Antofagasta and Jinchuan settle treatment charges at $80/ton
- Deal shows market for copper ore tightening as smelters expand
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Chilean miner Antofagasta Plc and Chinese smelter Jinchuan Group agreed to copper-concentrate supply contracts for 2024 that set processing charges 9% lower than this year, as the supply of mined ore tightens and refining capacity expands.
Smelter fees, known as treatment and refining charges, were set at $80 per ton and 8 cents per pound, according to people familiar with the matter who asked not to be named because the details aren’t public. That compared with a six-year high of $88 per ton and 8.8 cents per pound for 2023, and is the first decline in fees in three years.