Chapter 03

The Product: What You Are Actually Buying

“Copper” is not one product. It exists along a value ladder, and where your purchase sits on that ladder determines price, purity, financing, inspection and risk. Getting this right is the single most common place where inexperienced buyers stumble.

The practical guidance

• AGrade A cathode (99.99% Cu) is the buyer’s default. LME-referenced, easy to assay, simple to finance. If you are new to the region, start here.
• BBlister / anode (~98–99.7%) is semi-refined metal — Kamoa-Kakula’s new smelter now exports anode. It still needs final refining, but is far simpler than concentrate.
• CConcentrate (~20–40% Cu) is a bulk flotation product sold to smelters and traders. Pricing turns on assay, treatment/refining charges (TC/RCs) and penalty elements. Not a beginner’s product.
• DOre / run-of-mine is essentially never a legitimate cross-border export purchase. Offers to sell ‘ore’ to a foreign buyer are a red flag.