Copper Mining Grows at Last But Now Smelters Can't Keep Up [BNN Bloomberg (Canada)]
Freeport-McMoRan, Inc. (FCX)
Last freeport-mcmoran, inc. earnings: 4/24 07:30 am
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Source: BNN Bloomberg
But it may not be enough to meaningfully lift stockpiles from historically low levels, keeping supplies tight in a market critical to the energy transition. The reason is a bottleneck in capacity at the world's smelters, whose role turning ore into metal makes them a crucial cog in the supply chain between miners and the manufacturers of products from mobile phones and air-conditioning units to electric vehicles. “There isn't enough smelting capacity around,” said Ye Jianhua, an analyst at Shanghai Metals Market. A surplus of mine production would “hardly alleviate the tightness associated with low refined copper inventories next year,” he said. The prospect of a wave of supply being met by insufficient conversion capacity is being reflected in a surge in fees to turn semi-processed ores, or concentrates, into refined metal. The levies, known as treatment and refining charges, are deducted from the price of concentrates and are a key driver of profitability for smelters as well
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- 4/16/24 - Form PRE
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- FCX's page on the SEC website