TOKYO, Jan 15 (Reuters) - Pan Pacific Copper, Japan’s biggest smelter, said on Wednesday it would not sign a long-term contract for copper processing fees with global miner BHP Billiton in 2014, after they couldn’t agree on terms.
A PPC spokesman said its end-year treatment and refining charges (TC/RC) negotiation with BHP Billiton “went into holiday on Jan. 10”.
“We have been asking for $92/9.2c, which we considered as our benchmark, in this negotiation,” a company spokesman said in an emailed statement. “But we feel sorry that our positions could not match. We decline to make any further comment.”
Pan Pacific won its highest copper processing fees in eight years in a deal with U.S. miner Freeport-McMoRan Copper & Gold Inc in November, with TC/RCs set at $92 per tonne and 9.2 cents per pound respectively.