It was said from Jiangxi Copper chief negotiator on Thursday that China’s Jiangxi Copper Co. is still in talks with BHP Billiton Ltd. and Freeport McMoran Copper & Gold Inc.  on annual fees for 2010 to smelter the raw material into refined metal.

“This is a big decision… we’ll have to think about it carefully,” the official, who didn’t want to be named, said, after Tongling Nonferrous Metals Group’s chief negotiator said the company has settled 2010 copper TC/RCs with Freeport at $46.50 a metric ton and 4.65 cents a pound, down 38% from this year.

The fees, also known as treatment and refining charges or TC/RCs, represent the profit margin of copper smelters.

In times of tight concentrate supply, smelters are forced to lower these charges to ensure sufficient raw material availability to keep smelters running.