LONDON, Aug. 25 -- The copper concentrate market remains in deficit and is likely to for the foreseeable future as smelting capacity continues to outstrip mine supply, U.K.-listed miner Antofagasta PLC (ANTO.LN) said Tuesday.

Industry consensus is that contracts for midyear treatment and refining charges have settled at $39 a metric ton for smelting and 3.9 cents a pound of copper for refining, more than 15% below the $46.5/ton and 4.65 cents/lb for the 2010 calendar year, Antofagasta said.

Treatment and refining charges are charges paid by miners to smelters and refiners for converting concentrate into metal. Benchmark prices are set annually by major Japanese smelters.