Guys,
suggest you some industry benchmarking. Firstly, commodities sold as CONCENTRATE always carry a deduction for the downstream refining effort. Copper concentrate isnt sold at LME copper rates - right?! Base metal concentrates typically carry a TC/RC (treatment charge/refining charge) to discount the lower value nature of a concentrate. Tungsten concentrate is paid against a 'payable factor' => see recent KIS presentation, they refer to a 23% for concentrate. Discounts for long term pre-financed production seems to go down to 30-35% discount => see Almonty quarterly statements.
Not much guessing work required, just benchmark... MHO.. GLTAH
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