In contrast to zinc, lead terms look like being close to a rollover, with little discussion of reconstruction of the contract as has preoccupied zinc. There is, after all, no movement in the "payable" percentage possible, and moves have already been made by Cannington to eliminate (or seriously reduce) the price participation. The recent surge in lead prices will have encouraged miners to seek higher basis prices for next year and there are suggestions that the price participation may be adjusted to give less upside to the smelters. This said they have benefited less than their zinc smelter cousins over the last year so there would seem to be less pressure for such a move. Indeed the price rise means that their share of payable has actually fallen.
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