Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Chilean miner Antofagasta has agreed a sharp reduction to copper treatment and refining charges (TC/RCs) with some Chinese smelters to $23.25 a metric ton and $2.325 cents a pound, two sources close to the matter told Reuters.
The mid-year agreement compares with $80 a ton and 8 cents per pound agreed between the Chilean company and Chinese smelters for 2024 annual supply.
The London-listed miner did not respond to a request for comment.
TC/RCs are a gauge of availability for copper concentrates used in the production of refined copper. A lower charge signals shortages, which started with the December closure of First Quantum’s Cobre mine in Panama.
Copper prices hit record highs above $11,100 a ton last month, driven partly by large Chinese smelters’ plans to cut output after disruptions to mine supply. Copper prices were about $9,500 a ton in morning trade on Thursday.
(By Julian Luk; Editing by Kim Coghill and David Goodman)
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