2002 TC cut supports mine revenues from zinc concentrates

摘要

Having tumbled to seventeen-year lows in the fourth quarter of last year, zinc mine revenues (based on a clean zinc concentrate grading 53 percent) are now being kept just above those lows by this year's cut in contract treatment charges. This is despite lower LME zinc prices recently. Zinc mine revenues averaged 188 US dollars/t of concentrate in 2001 Q4 as LME 3-month zinc prices averaged 783 dollars/t LME 3-month zinc prices averaged 768 dollars/t last month. Nevertheless, zinc mine revenues came in at 203 US dollars/t of concentrate as a result of the 22? dollars/t cut in contract treatment charges (European) and a US 1 cent reduction in the down escalator. Mine revenues from zinc concentrate have averaged 215 US dollars/t of concentrate so far this year. This is the lowest "annual" average in nominal terms since 1986 (204 US dollars/t). In real terms, they could have been at all-time lows so far this year, certainly the lowest they have been in twenty-two years.