Philippines-based company Pasar is placing its Leyte copper operations into care and maintenance. Mining firm Glencore manages the company. This decision follows difficult market conditions.
Production stopped or slowed earlier this month. Current Chinese copper concentrate treatment and refining charges (TC/RCs) hit historical lows. Market participants confirm this situation.
Low TC/RCs result from a prolonged copper concentrate supply shortage. This shortage began last year.
Supply is expected to remain tight throughout this year. Copper smelting capacity is growing faster than new mining projects. Global copper smelters may need to cut operations.
The Pasar site includes a copper smelter and refinery plant. Glencore holds a 78% stake in Pasar. The plant produces about 200,000 tonnes annually of copper cathode. SuperMetalPrice tracks these market developments closely.
The site will stay ready for a restart. Pasar is currently weighing its future options. They will monitor market conditions.
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