Chinese smelters have settled 2011 term copper treatment and refining charges with global miner BHP Billiton Ltd. (BHP) at $77.0 a metric ton and 7.70 cents a pound, a person with direct knowledge of the situation said Friday.

The increase of 66% in fees from the 2010 benchmark price is set on "a half-year basis," the person added.

Talks with another major miner, Freeport McMoRan Copper & Gold Inc. (FCX), are still ongoing, but the miner offered lower TC/RCs compared with BHP's, albeit on a yearly basis, the person said.

The annual contract negotiations are conducted by the biggest global copper-mining companies with Chinese smelters including Jiangxi Copper Co. (0358.HK) and Tongling Nonferrous Metals Group Co. (000630.SZ), as well as smelters in Europe and Japan.

-Yue Li contributed to this article; Dow Jones Newswires; (8621) 6120 1200; yue.li@dowjones.com
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