Copper Mining Grows at Last But Now Smelters Can't Keep Up [Financial Post (Toronto, Ontario, Canada)]
Freeport-McMoRan, Inc. (FCX)
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Source: Financial Post
(Bloomberg) — Copper miners are boosting output at last after several years of anemic performance. 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
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