The metal thefts at the Hamburg copper producer Aurubis are apparently much larger than previously assumed. During an inventory, the company found that metals with a value of probably more than 100 million euros are missing. Aurubis is therefore canceling its profit forecast.
Gold, silver and other precious metals are generated during copper production at Aurubis, as well as during recycling. The company did not provide any information on exactly what was stolen in a statement to shareholders published at short notice on Thursday. However, “considerable deviations from the target stock as well as special samples of certain deliveries of input materials in the recycling area were found”. Based on these indications, it can be assumed that “the company has become the subject of further criminal acts – going beyond the cases published in June 2023”.
Theft at Aurubis probably for years
In June it became known that a gang of thieves had been stealing intermediate products containing precious metals for years. At that time, public prosecutors and special forces had stormed houses and apartments in Hamburg and the surrounding area, and several suspects were arrested. Former and current employees of Aurubis and service providers are said to have worked together. In June, Aurubis spoke of damage amounting to 20 million euros, which is said to have been caused by the years of theft. Now the company has again targeted all stocks – and will continue to check until the end of September.
Aurubis switches State Criminal Police Office a
Aurubis announced that it cannot currently be ruled out that damage in the “low three-digit” million range has occurred. According to the company, it has turned on the State Criminal Police Office. According to the company, the new metal theft and the cases that became known in June are probably not related. It is very likely that there is no connection, said an Aurubis spokesman on Friday. “But we can’t rule it out with absolute certainty.” The spokesman did not want to make any assumptions about the possible group of perpetrators. In view of the “high standards customary in the industry” for security, “the extent to which internal perpetrators are involved” will also be examined.
Fraud with samples in delivered material?
According to information from NDR 90.3, it could also be that these missing metals were never in the Aurubis plant, but that electronic scrap was cheated on even before it was delivered. Among other things, Aurubis recycles printed circuit boards from electrical and electronic devices on a large scale and recovers raw materials from them. And there is obviously a suspicion that the suppliers didn’t bring what they were supposed to – at least not in the promised quality. Samples are taken of the deliveries, from which the value is then determined as an example of how many metals such as gold and silver are contained. And on this basis, Aurubis pays its suppliers from all over Europe. Samples may have been faked.
Aurubis share collapses after profit warning
Aurubis issued a profit warning because of the new findings. The damage will weigh on the result for the 2022/23 financial year. The forecast corridor for the current 2022/23 financial year of 450 million to 550 million euros can therefore not be maintained. The Aurubis share price collapsed. The Salzgitter steel group also withdrew its earnings forecast for the current year on Friday. With almost 30 percent, Salzgitter is the largest single shareholder at Aurubis.
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NDR 90.3 | NDR 90.3 Current | 09/01/2023 | 1:04 p.m