Mine offerings on the spot market are still few and far between; we have heard of just one tender over the past month, that by Teck Cominco for Highland Valley material. We have been unable to confirm the exact terms agreed, but we understand that the material went to the trade at terms in the low 40 dollars/4s cents. One market source has quoted terms of 42/4.2 cents, and it has also been suggested that two parcels were offered, one with a prompt date and one with a later delivery, with average terms for the two parcels in the low 40 dollars/4s cents. QPs have not been disclosed. Highland Valley concentrates are high grade, at over 35 percent copper, and smelters may well be prepared to accept lower terms for this material. The Asian smelters are the largest customers under long term contracts, and it may be that this material is available for spot sales because of the cutbacks at these smelters.
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