Escondida to press for lower annual TC/RCs

Oct 25, 2005 | 12:35 PM | Sean Barry

Chilean copper producer Minera Escondida Ltda. is expected to push for lower copper treatment and refining charges (TC/RCs) in 2006 following reports that it had settled a new contract with a Polish smelter owned by KGHM Polska Miedź SA at about $88 a tonne/8.8 cents a pound.

Trade sources said the Santiago, Chile,-based company signed a multiyear deal with the KGHM smelter that includes full price participation.

With negotiations for 2006 contracts now under way, traders said they expect Escondida to try to use the deal as a benchmark. But it is likely to be rejected by smelters because they continue to hold high inventory levels following a ramp-up in production, according to trade sources.....

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