October 30, 2019 / 1:30 AM / 22 days ago

S.Korea's LS Nikko signs 15-year deal with FQM to buy copper concentrate

SEOUL, Oct 30 (Reuters) - South Korea’s LS Nikko Copper signed a contract with Canada’s First Quantum Minerals (FQM) to buy 120,000 tonnes per year of copper concentrate for 15 years starting in 2020, the South Korean copper smelter said on Wednesday.

The deal will help LS Nikko Copper ensure a stable supply of copper concentrate, a key raw material to make electrolytic copper, gold and silver, the company said in a statement.

Under the deal, LS Nikko Copper will receive copper concentrate from Panama’s Cobre Panama, operated by FQM.

LS Nikko Copper currently has the capacity to produce 680,000 tonnes per year of electrolytic copper, according to the company’s website.

Reporting By Jane Chung; Editing by Christian Schmollinger

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