Dec. 24 (Bloomberg) -- Freeport-McMoRan Copper & Gold Inc., the world's second-largest copper producer, secured a 38 percent reduction in processing fees from India’s Hindalco Industries Ltd., said two people familiar with the matter.

The settlement for this year was made at $46.50 a metric ton for smelting ore and 4.65 cents a pound for refining on Dec. 22, said the people, who declined to be identified because the matter was confidential.

Hindalco spokeswoman Pragnya Ram declined to comment.