Jiangxi Copper takes lead in 2019 TC/RC benchmark negotiations, agrees deal with Antofagasta at $80.80/t [UPDATE]

[updating with detail and comment throughout]

Jiangxi Copper and Antofagasta agreed terms on 2019 copper concentrates treatment and refining charges (TC/RCs) at $80.80 per tonne/8.08 cents per lb on Thursday November 15, sources from both companies told Fastmarkets.

The deal is in line with market expectations and is 1.8% lower than the benchmark of $82.25/8.225 cents agreed in 2018 between Freeport-McMoRan and Tongling Nonferrous. TC/RCs are paid by miners to smelters to cover the cost of turning copper concentrate into refined metal.  

"We did agreed with Jiangxi; others should be in line with that [number]," a source at Antofagasta said. "It is above what we were expecting before going to Shanghai but reasonable at the end."

Freeport will follow...


Archie Hunter

Julian Luk

November 15, 2018

16:51 GMT

Shanghai, London