A Fast Moving MarketTwo years ago Treatment Charges were at record lows. Now they are at record highs. This factor alone helps explain the extreme share price today, coming as it does, after the economic fallout from the trade war.
I don't see the nefarious hand of Glencore at work here. They sold the mines to Trevali, off-loading those operating costs in exchange for working the treatment charge end of things.
The trade war came and Glencore is presently on top--not that they were prescient and forsaw this situation. Lucky is more like it. And they do own 26% of Trevali's current agony.
Still, treatment charges are acting like the final nails in Trevali's coffin.
Zinc is one fast moving market.