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Jiangxi Copper, Antofagasta agree lower treatment charges for 2019

Reuters - UK Focus

(Corrects treatment charge)

LONDON, Nov 15 (Reuters) - Chinese copper smelter Jiangxi Copper and miner Antofagasta (Other OTC: ANFGF - news) have agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound, three sources said.

The first major deal for the coming year typically sets the benchmark for the sector.

The charges agreed between Jiangxi and Antofagasta are down from the 2018 benchmark of $82.25 a tonne and 8.225 cents a pound.

Miners pay the TC/RCs to smelters to process their concentrate into refined metal, offsetting what the smelters pay the miners for the concentrate.

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No one at Jiangxi Copper (HKSE: 0358-OL.HK - news) or Antofagasta was immediately available to comment.

(Reporting by Pratima Desai, Melanie Burton in Melbourne and Tom Daly in Shanghai; Editing by Veronica Brown)