TMTPOST -- Chinese copper smelters have reached an unprecedented agreement with Chilean miner Antofagasta to process copper concentrate at a fee of $0 per metric ton and $0 per pound, according to four sources familiar with the matter who spoke to Reuters. The deal marks a record low for treatment and refining charges (TC/RCs) and underscores the ongoing global shortage of copper concentrate. It also comes in well below the 2025 annual benchmark rates of $21.25 per ton and 2.125 cents per pound previously agreed upon between Antofagasta and Chinese smelters. One Chinese smelter and two industry analysts, all speaking on condition of anonymity, described the outcome as “better than expected.”