Tongling Nonferrous , a major Chinese copper smelter, said it had reached an agreement with BHP Billiton on raising the treatment and refining charges for the first half of 2011 by 54.8 percent.
The TC/RC was pinned at $72 a tonne and 7.20 cents a pound, compared with $46.50 and 4.65 in 2010, Tongling said in a statement filed at the Shenzhen Stock Exchange.
Tongling said it expected to import 40,000 tonnes of copper concentrate in the first half of 2011 from BHP, compared to 46,000 tonnes over the same period last year.
The company will renegotiate the TC/RC for the second half of the year with BHP Billiton, it said.
Last month, a large Chinese copper smelter and a Western miner agreed on 2011 treatment and refining charges of about $70 and 7 cents, up 51 percent on the year, trading sources said.
TC/RCs, paid by sellers to smelters and deducted from the final sale price based on London Metal Exchange copper prices , typically rise when the supplies increase or operating smelting capacity falls
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