Some deals done but negotiations still generally seen some way from conclusion

摘要

This year's annual treatment charge negotiations for zinc have made little headway since Canadian miners visited their European customers in January (and Cominco visited Asian smelters) though at least one deal was struck in Europe. Teck Cominco has agreed a contract TC for at least one deal with Glencore at 168-9 dollars/t basis 1,000 dollars/t. The deal is believed to be on behalf of Asturiana de Zinc. The picture is similar in Asia. With Pasminco taking a back seat and not taking the lead in negotiations with the Japanese Smelter Pool and Korea Zinc, the onus is more on Western Metals, Normandy and BHP Billition to achieve progress here. MIM has only a little single year business to negotiate, likely to be predominantly with Korea Zinc, and is not therefore in a position to take over Pasminco's leading role. Western Metals is otherwise the largest zinc miner. BHP Billiton is not prepared to take the initiative and will wait to accept the benchmark TC that materializes. However, Normandy has settled a little business for the first half of this year with a Japanese smelter at terms in the mid