BHP Billiton announced today it won a 38% drop in 2010 copper processing fees from some smelters in Japan and China. The Asian units process the raw material to turn into semi-processed ore (concentrate). In 2009 the British Australian company paid US$ 75 a ton for smelting and 7.5 cents a pound for refining; BHP will pay US$ 46.50 a ton for smelting and 4.65 cents a pound for refining this year.
The deal was reached with China's Jiangxi Copper and Japan's Mitsubishi Materials and Pan Pacific Copper; it follows the terms agreed between Mitsubishi and Freeport-McMoran last month.