- Freeport McMoRan (FCX) has agreed to pay nearly a third more in annual processing charges to China's leading copper smelters, likely increasing the pressure on rival BHP to raise its own offer on the charges, Reuters reports.
- China's top copper producer reportedly agreed with FCX to treatment and refining charges of $92/metric ton and $0.092/lb. for term copper concentrate shipments in 2014, setting the benchmark for the region, vs. $70/metric ton and $0.07/lb. charged by the smelters from Freeport this year.
- BHP, whose opening offer of $80 and $0.08 offer to Chinese smelters last week now looks low, is meeting the smelters for a second round of talks this week.
- ETFs: JJC, CPER, CUPM.
Freeport deal with China copper smelters may pressure BHP
Nov 18 2013, 11:40 ET