TOKYO, Feb 1 (Reuters) - Pan Pacific Copper (PPC), Japan’s biggest copper smelter, and Freeport have set 2016 treatment and refining charges 9 percent lower than last year’s fees, as global mines cut output due to slumping prices.
PPC and Freemont have agreed treatment and refining charges (TC/RCs) for this year at $97.35 a tonne and 9.735 cents a pound, a PPC spokesman said on Monday.
The outcome is in line with an agreement by China’s top integrated copper producer, Jiangxi Copper , and Chilean miner Antofagasta Minerals over 2016 TC/RCs.
TC/RCs are paid by miners to smelters to refine concentrate into metal and are a key part of the global copper industry’s earnings.
Reporting by Yuka Obayashi; Editing by Dale Hudson