BHP offers rollover in first round of ‘13 copper concentrate talks
Nov 20, 2012 | 06:03 PM
| Mark Burton
Tags
BHP Billiton,
Freeport-McMoran Copper & Gold,
copper concentrates,
benchmark,
mine supply,
Metal Bulletin,
Mark Burton
LONDON — BHP Billiton Plc has offered a rollover in copper concentrate treatment and refining charges (TCs/RCs) in the first round of annual negotiations with smelters, sources with knowledge of the matter told AMM sister publication Metal Bulletin.
Benchmark TCs/RCs for 2012 were set by Freeport-McMoRan Copper & Gold Inc. and Jiangxi Copper Corp. at $63.50 per dry tonne/6.35 cents per pound last November, but BHP refused to settle on Freeport’s terms. In January, it settled with Tongling Nonferrous Metals Group Holdings Co. Ltd. at its target price of $60 per dry tonne/6 cents per pound.
BHP didn’t sign annual contracts with Sumitomo Corp. and Pan Pacific Copper Co. Ltd. last year after the Japanese smelters refused to accept its sub-benchmark target price.
"I think they wanted to walk away from that. They will have sold at fantastic numbers on spot for any tonnage that they didn’t sell on the benchmark," a concentrates trader told Metal Bulletin. ....
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