Enter the total cost of the copper and the total weight of the copper into the calculator to determine the cost per pound of copper.
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Cost Per Pound of Copper Formula
The following equation is used to calculate the Cost Per Pound of Copper.
CPC = TCC / TWC
- Where CPC is the cost per pound of copper ($/lb)
- TCC is the total cost of the copper ($)
- TWC is the total weight of the copper (lbs)
To calculate the cost per pound of copper, simply divide the total cost of copper by the weight of the copper.
What is the Cost Per Pound of Copper?
The current cost per pound of copper as of February 2022 is $4.45.
The cost per pound of copper is the total cost of extracting a pound of copper divided by the total number of pounds extracted. This cost comprises labor, machinery and supplies, and other costs associated with extracting the metal.
The first step in calculating the cost per pound of copper involves determining the total cost to extract a pound of copper. This calculation is then divided by the number of pounds extracted to determine the cost per pound.
There are two methods for estimating cost per pound of copper in the mining industry: Direct Mining Costs and Indirect Mining Costs.
Depending on which method is used, the results could differ substantially from each other.
The direct mining cost method does not include deductions for income or sales tax, insurance, and other indirect expenses to mine site. Using this method will result in a higher per-pound cost than using the indirect mining cost method because these items are considered overhead costs and not part of the direct costs associated with producing the metal.
The direct mining cost method is often used by companies with a single mine site, while the indirect mining cost methodology is more common among multi-mine companies.