Antofagasta Announced Copper Supply Deals with Major Smelters

This is the third consecutive year that Jiangxi Copper and Tongling Nonferrous have reached an early contract with Antofagasta for the upcoming year.

SEATTLE (Scrap Monster): Antofagsta plc. - The Chilean-based copper mining group announced that it has entered into copper concentrate supply deals with four leading Chinese smelters for the initial half of 2022. The miner reached final agreement with China Copper, Jiangxi Copper, Tongling Nonferrous and Jinchuan Group on 30th June, following several round of negotiations.

According to sources, Antofagasta has agreed with the Chinese smelters for a treatment and refining charge (TC/RC) that averages around mid-$50s. The terms of the deal are said to be more or less similar to the contracts signed during the previous year. This is the third consecutive year that Jiangxi Copper and Tongling Nonferrous have reached an early contract with Antofagasta for the upcoming year.

The smelters were eagerly awaiting to enter into supply contract due to rising competition for copper concentrates and fears of supply disruption on account of anticipated new wave of delta variant of Covid-19 virus.

The company had recently announced fresh greenhouse gas (GHG) reduction targets. It now aims to reduce its Scope 1 and Scope 2 GHG emissions by 30% by 2025, in comparison with 2020 levels. Also, it aims to achieve carbon neutrality by 2050. It must be noted that smelting operations accounts for nearly 7% of the world’s total GHG emissions.

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