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Jiangxi Copper gets higher smelting fees
January 14, 2009, Wednesday
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FREEPORT-MCMORAN Copper & Gold Inc, the world's second-largest copper producer, verbally agreed to pay higher processing fees to Jiangxi Copper Co, the first increase in three years, two company executives said.
Jiangxi Copper accepted fees of US$75 a metric ton for smelting ore and 7.5 US cents a pound for refining in 2009, said one executive, a jump of about 60 percent from last year. Copper has plunged by more than half from a record US$8,940 a ton in July as a global recession curbed demand for the metal, used in power generators, wires and cables.
Jiangxi Copper accepted fees of US$75 a metric ton for smelting ore and 7.5 US cents a pound for refining in 2009, said one executive, a jump of about 60 percent from last year. Copper has plunged by more than half from a record US$8,940 a ton in July as a global recession curbed demand for the metal, used in power generators, wires and cables.
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