VOLCAN COMPAÑIA MINERA : Les négociations sur les concentrés de zinc comme point de repère pour 2010

Suite à un processus de vente de concentrés de zinc d'environ 3 semaines, Volcan Compañía Minera, 4 ème producteur mondial de zinc, a adjugé avec succès 60 000 tms pour livraison en 2010. Compte tenu du tonnage et des participants à cet appel d'offres, ce résultat est un bon repère pour l'année 2010. Les coûts de traitement pour ce tonnage s'élevent à environ 140 dollars US CAF port d'asie avec un prix de base de 2350 dollars US, un bon appui pour la forte demande de concentrés péruviens pour l'an prochain. During the first quarter of 2010, the market structure for the Peruvian zinc concentrates might change as Votorantim's Cajamarquilla expansion will come into stream. Approximately 720,000 wmt of zinc concentrates will be required from the market per year as of 2010. Despite its smaller size, the zinc circuit from Doe Run plant at La Oroya is expected to go back on production in 1Q 2010 demanding approximately another 90,000 wmt of zinc concentrates from the market. This 810,000 wmt of local demand will be added to the already strong exports requirements from China and other important zinc metal producers which will have to share the part of the pie left by the local consumers.


The result of the tender should also contribute to a more fair agreement in the so-called benchmark TC to be settled between a Canadian miner and a Korean refinery. During the last years, this agreement, which has been taken as a reference in some annual negotiations in other parts of the world, has been clearly and arbitrarily in favor of Refineries, keeping an unsupported distance from the market reality. Given the world scope for this agreement, they should include important variables as the very active and liquid market in China where every day concentrates are bought and sold and TC's settled, elements that can't be ignored. By definition, "market" is where people buy and sell everyday and nobody can dispute this is what happens in the Chinese market. This market as the Peruvian is an active player which should be considered as an important piece of the supply and demand puzzle.

Refineries have always argued that they must have an important participation on the price risk, when miners are the ones who have to take a more volatile geological, metallurgical, labor, production and price risk. In many cases these investments do not have the expected returns or no return at all given the complexity of the implementation of a project. The comparison between the market and "benchmark" terms show an average of USD 50 - USD 80 against mine producers during each year. This year negotiations have now a clear indication that TC should be in USD 140 area basis USD 2350, based on the market real view.

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