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* Antofagasta agrees TC/RCs with smelters in Japan, China
-sources
* China's Jiangxi Copper, Tongling Nonferrous sign up
-source
* Charges are same as those agreed by Freeport with China
smelters
By Tom Daly
Dec 18 (Reuters) - Chilean miner Antofagasta Plc
has agreed to supply copper concentrate to smelters in China and
Japan at treatment and refining charges (TC/RCs) of $59.50 per
tonne and 5.95 cents per lb in 2021, two sources with knowledge
of the matter said.
Chile's state-owned Codelco, which is the world's biggest
producer of mined copper, will also offer customers supply at
those rates for next year, according to two separate sources.
The charges, which are paid by miners to smelters to process
copper ore into refined metal, are the same as those agreed by
Freeport-McMoRan Inc and Chinese smelters on Monday in
the first miner-smelter settlement of the mating season,
cementing $59.50 per tonne as the TC benchmark for next year.
The annual benchmark is referenced in supply contracts
worldwide, playing a significant role in determining the
profitability of both miners and smelters.
It was as high as $107 a tonne in 2015 but has now fallen
for six years in a row to its lowest since 2011 as smelting
capacity in top copper consumer China expands and mine supply
tightens, meaning smelters have to accept lower terms to ensure
they have enough feedstock.
Antofagasta first settled with Japanese smelters this week
and then with Chinese customers including Jiangxi Copper
and Tongling Nonferrous'
Jinlong smelter, one of the sources said.
All the sources declined to be identified as they were not
authorised to speak to media.
Antofagasta and Freeport did not immediately respond to
requests for comment.
Jiangxi Copper and Tongling Nonferrous did not immediately
respond to a request for comment outside normal business hours.
(Reporting by Tom Daly; Editing by Susan Fenton)
