Copper Smelter Mass Balance & Acid Margin Model H1 2026

Flash furnace sulfur-to-acid stoichiometry, off-gas capture economics & net operating margins

⚡ Concentrate Feed & Recovery

Throughput 1,000 ktons/yr
Copper Grade (Cu %) 26.0%
Smelter Cu Recovery 97.5%

🧪 Sulfur Off-Gas & Acid Plant

Sulfur Grade (S %) 32.0%
SO2 Off-Gas Capture Eff. 98.5%
Spot Sulfuric Acid Netback $125 / ton

💵 Commercial Terms & OPEX

LME Copper Spot Price $9,800 / ton
Treatment Charge (TC) $18.50 / dmt
Refining Charge (RC) 8.00 ¢/lb
Smelter Unit OPEX $65.00 / dmt conc
Refined Copper Cathode
253.5 kt
0.254 t Cu / t Conc
Sulfuric Acid Yield (H2SO4)
964.1 kt
3.80 t H2SO4 / t Cu
Net Operating Profit
$117.8 M
$117.8 / dmt Conc
Acid Revenue Share
66.0%
$120.5 M Netback

🏭 Metallurgical Mass Balance Flow

📊 Smelter Cash Margin Waterfall ($M)

Revenue & Cost Component Total Annual ($M) Unit Margin ($/dmt conc) Equivalent ($/t Cu Cathode) Share of Inflows
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