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| Year | Treatment charge | Refining charge, cents per pound |
|---|---|---|
| 2016 | $97.35 | 9.735 |
| 2017 | $92.50 | 9.25 |
| 2018 | $82.25 | 8.225 |
| 2019 | $80.80 | 8.08 |
| 2020 | $62.00 | 6.2 |
| 2021 | $59.50 | 5.95 |
| 2022 | $65.00 | 6.5 |
| 2023 | $88.00 | 8.8 |
| 2024 | $80.00 | 8.0 |
| 2025 | $21.25 | 2.125 |
| 2026 | $0.00 | 0 |
Benchmarks are settled one year ahead (the 2025 charge was agreed in December 2024). Figures are from press reports of settlements between named miners and Chinese smelters, not an official index. The 2017 and 2018 charges come from later retrospective articles and are less certain. In this series the refining charge in US cents per pound is one tenth of the treatment charge in dollars per tonne.
How the charges work
Copper concentrate is not sold at the full metal price. The buyer pays for a share of the copper it contains (the payable copper), less a treatment charge per tonne of concentrate and a refining charge per pound of payable copper. Those charges are the smelter's processing income.
Spot charges and the annual benchmark are different things: the benchmark is a term price agreed for the following year, and spot charges for individual cargoes can be far lower or higher.
Why the benchmark fell
Reuters reported in November 2018 that charges typically fall when concentrate supply declines or smelting capacity rises. S&P Global said in December 2024 that the 2025 level fell because of tight concentrate supply, and noted that growing smelting capacity in China, Indonesia, India and the DR Congo was set to widen the deficit in the concentrate market. Smelters had said they would be selling at a loss below about $40 per tonne.
What it means for a miner or trader
A lower charge means the miner keeps more of the value of its concentrate, and a smelter's margin from treatment shrinks. When you read a concentrate price, check whether it is quoted before or after treatment and refining charges, and which payable percentage it assumes. The concentrate value calculator shows how those terms change what a tonne is worth.
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Frequently asked questions
What is a treatment charge?
A fee, in dollars per dry tonne of concentrate, that a miner pays a smelter to process the concentrate.
What is a refining charge?
A fee, in US cents per pound of payable copper, for refining the copper into cathode.
What was the 2025 benchmark treatment charge?
$21.25 per dry tonne, agreed between Antofagasta and Jiangxi Copper in December 2024 for the 2025 term.
Sources
- S&P Global via Hellenic Shipping News: Antofagasta settles copper concentrate treatment charge at $21.25/mt for 2025
- Reuters via Yahoo Finance UK: Jiangxi Copper, Antofagasta agree lower treatment charges for 2019 (15 November 2018)
- Reuters (Andy Home) via The Star Malaysia: copper supply rethink as smelter treatment charges fall (25 November 2023)
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.