November 21, 2019 / 3:56 AM / 25 days ago

Freeport, Tongling Nonferrous Metals agree 2020 copper treatment charges at $62/T

SHANGHAI, Nov 21 (Reuters) - Miner Freeport-McMoRan Inc and China’s Tongling Nonferrous Metals have agreed treatment and refining charges (TC/RCs) of $62 a tonne and 6.2 cents per pound for copper concentrate supply in 2020, the companies said.

The charges, paid by miners to smelters to process ore into refined metal, are 23% lower than the 2019 benchmark of $80.80 a tonne and 8.08 cents per pound and at the same level with an earlier deal between Freeport and China’s Jiangxi Copper on Wednesday.

Both deals were agreed on Thursday morning, Javier Targhetta, president of Atlantic Copper and senior vice president for marketing and sales at Freeport told Reuters. (Reporting by Shivani Singh, Emily Chow and Tom Daly; Editing by Himani Sarkar)

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