Pan Pacific paves way in Japan; settles BHP copper TC/RC at $60/T

Dec 22, 2006 | 10:41 AM | Sean Barry

Pan Pacific Copper Co. Ltd., Tokyo, has settled its annual copper treatment and refining charges (TC/RCs) with Anglo-Australian miner BHP Billiton at $60 a tonne/6 cents a pound with no price participation, trade sources said.

If confirmed, the settlement will likely act as a benchmark for other Japanese smelters, traders said.

Pan Pacific reportedly negotiated improved side deals, including an extension to payment terms, and the contract with BHP—majority owner of Minera Escondida Ltda., Santiago, Chile, which operates the world's largest open-pit copper mine—also is believed to include a higher refining charge for the gold content of the material.....

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