No 1 source of global mining news and opinion
Chinese smelters, the world’s biggest buyers of mined copper, are concerned they will lose power to negotiate prices if BHP Group, known locally as “the big miner”, succeeds in its bid for rival Anglo American.that could make it the biggest producer of copper, a metal in high demand as the world seeks to shift towards electric vehicles and a lower carbon economy.
The China Smelters Purchase Team , a group of top smelters that negotiates with miners on yearly prices to treat and refine copper, has no current plans to urge Beijing to investigate the deal, three sources familiar with the matter said.China’s State Administration for Market Regulation also did not immediately respond to a request for comment.
By comparison, rival miners Freeport and Antofagasta agree an annual fixed sale price with China’s smelters that is widely used as an industry benchmark. Treatment charges are fees paid by miners for converting raw materials into metal. They fall when mine output decreases as smelters have to compete for concentrate.Last week, spot treatment charges in China turned negative for the first time since pricing agency Fastmarkets started the index in 2013.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BHP bids $39 bln for Anglo American as miners chase copperBHP Group bid $38.8 billion for Anglo American on Thursday, offering a deal to forge the world's biggest copper miner and driving its smaller rival's shares 16% higher.
Read more »
Mining giant BHP Billiton makes $39 billion bid for Anglo American to expand copper operationsShares in U.K.-based mining giant Anglo American have surged after it received a 31 billion-pound ($39 billion) takeover bid from rival BHP Billiton.
Read more »
Mining giant BHP Billiton makes $39 billion bid for Anglo American to expand copper operationsShares in U.K.-based mining giant Anglo American have surged after it received a 31 billion-pound ($39 billion) takeover bid from rival BHP Billiton.
Read more »
Mining giant BHP Billiton makes $39 billion bid for Anglo American to expand copper operationsShares in U.K.-based mining giant Anglo American have surged after it received a 31 billion-pound ($39 billion) takeover bid from rival BHP Billiton. The deal would create the world’s biggest copper miner, with around 10% of global output.
Read more »
BHP-Anglo American potential merger: It’s all about copperNo 1 source of global mining news and opinion
Read more »
China could hinder BHP’s bid to become copper’s top producerNo 1 source of global mining news and opinion
Read more »