Jiangxi Copper, Daye settle ’08 TC/RCs with BHP
Dec 14, 2007 | 06:22 AM
| Sean Barry
Chinese smelters Jiangxi Copper Co. Ltd and Daye Non-Ferrous Metals Co. Ltd. have settled annual copper treatment and refining charges (TC/RCs) with BHP Billiton at $47.20 per tonne/4.72 cents a pound, according to traders.
The settlement falls into line with an earlier agreement stuck between BHP, majority owner of Chile's Minera Escondida Ltda., the world's largest copper mine, and Tongling Nonferrous Metals Group International Trade Ltd. But traders said the deals for 2008 deliveries include side terms involving quotational periods that favor the miner and could effectively lower the TC/RC to $45 per tonne/4.5 cents a pound or less.
An executive of Jiangxi Copper, China's biggest copper smelter, said earlier in the week that the company was pushing for TC/RCs of $50/5 cents.....
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