SHANGHAI, Jul. 22 (SMM) - MMG, a subsidiary of China Minmetals Corp., produced 33% more copper year-on-year in the first half of 2013, citing firm demand from China.
The company made 89,235 tons of copper cathodes from January to June, following productivity improvements at its Sepon operations, ramp-up at Kinsevere and new commissioning at Golden Grove, all in Australia, it told Hong Kong Stock Exchange today.
``MMG remains on track to deliver annual guidance of 170,000-185,000 tonnes of copper and 572,000-590,000 tonnes of zinc in 2013,’’ it said.
China’s demand for copper cathodes ``remained firm’’ in the second quarter with mine supply disruptions pushing spot market’s treatment and refining charges (TC/RCs) for concentrates ``well below annual contract levels’’, it said.
As for zinc and lead, ``market fundamentals continue to indicate improving demand due to improved global economic conditions and continuing supply challenges resulting from resource depletion,’’ MMG said.
Spot market TC/RCs for zinc concentrates imported into China have remained well below 2013’s contract levels as the country’s imports this year have been in line with a year ago, it said.
China’s import demand for lead concentrates has been impacted by adverse price arbitrage yet firming global market is enabling miners to negotiate better terms for 2013’s contracts, it added.