(Bloomberg) -- Europe’s top copper producer Aurubis AG warned it may face losses in the hundreds of millions of euros after being hit by a massive scam involving shipments of scrap metal that it uses in its recycling business.Most Read from BloombergHong Kong Shuts Down City Before Super Typhoon Saola HitsFake Spare Parts Were Supplied to Fix Top-Selling Jet EnginePutin Moves to Seize Control of Wagner’s Mercenary EmpireEurope's Biggest Oil Company Quietly Shelves a Radical Plan to Shrink Its Ca
Shares in the company plunged as much as 18% after it announced it found a significant metal shortfall and said it no longer expects to meet its profit forecast for the year. Aurubis believes some of its suppliers have manipulated details about the scrap metal they provided and had been working with employees in the company’s sampling department to cover it up.
The scam announced late Thursday relates to material purchased for Aurubis’s metal-recycling business. In addition to raw material for mines, the company also buys huge volumes of copper-bearing scrap, from near-new manufacturing offcuts to old cables, pipes and electronic circuit boards. It processes thousands of tons of these materials every day to produce refined metal.
Aurubis had previously forecast operating earnings before taxes of €450 million to €550 million for the 2022-23 financial year, which it no longer expects to achieve. It said losses could be in the “low, three-digit-million-euro range.” Steelmaker Salzgitter AG, which owns 30% of Aurubis, has also suspended its results guidance for the financial year.
“It appears to be separate from the incident in June, but it is too early to say whether or not the cases are interlinked,” Seidler said. “In that incident, they stole high-value precious-metal bearing intermediates that are generated during the refining process, and it takes a certain knowledge and access to processing equipment to treat these materials. The people involved in that are currently in custody awaiting trial.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
European shares flat as Volkswagen, Aurubis offset energy boost(Reuters) - European shares struggled for direction on Friday, as support from energy and mining stocks was offset by weak performances in German ...
Lire la suite »
Sandfire profits fall in 2023Copper miner Sandfire Resources has reported a fall in revenue and profits for the full year ended June. Sales revenue for the full year declined from $922.7-million in the 2022 financial year to $803.9-million on the back of a 14% decline in copper sales associated with the wind-down of production at the DeGrussa mine, in Western Australia, and a 6% decrease in realised copper prices.
Lire la suite »
European Copper Giant Says It Is Victim of Huge Metal TheftEurope’s top copper producer Aurubis AG warned it may face losses in the hundreds of millions of euros after being hit by a massive metal theft, and no longer expects to meet its profit forecast for the year.
Lire la suite »
Peru's Minsur to invest at least $2.25 billion as it expands copper operationsLIMA (Reuters) -Peruvian miner Minsur has announced an investment of at least $2.25 billion as it expands its copper operations, the country's mining ...
Lire la suite »
Chile's mining sector expands in July as copper production up 1%A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Lire la suite »