Aurubis Reports Decline in Copper Output but Boosts Recycling and Expansion Plans

Copper Cathode Output Declines in 2023-24
Aurubis, Europe’s leading copper producer and recycler, reported a 4% drop in its copper cathode production for the 2023-24 fiscal year, totaling 578,000 tons. The decline was driven by a 30% reduction in output at its Hamburg facility, where operations were delayed following a maintenance shutdown. Despite the setback in Germany, the company maintained a solid performance in Bulgaria, with 229,000 tons produced at its Pirdop site.

Expansion at Pirdop and Plans for Increased Output
To counter the production dip, Aurubis is heavily investing in its Pirdop plant, where a tankhouse expansion project has begun. This expansion is set to increase the annual refined copper output by 50%, from 229,000 tons to 340,000 tons. The upgraded facility is expected to be operational by the second half of 2026, significantly enhancing production capabilities to meet future copper demand.

Growth in Recycling Division Despite Concentrate Decline
Aurubis also saw positive results in its recycling division, where output increased by 2% year-on-year, totaling 514,000 tons. The Olen plant in Belgium led the charge with 334,000 tons, while Germany’s Lunen facility saw a notable 5% increase in output, including a 45% rise in the fourth quarter. However, the company’s concentrate throughput fell by 2%, reflecting mixed performances across its operations. The Hamburg mine experienced a 19% decline in throughput, while Pirdop saw a 12% increase.

Financial Growth Driven by Copper Premiums
Aurubis achieved a 19% increase in operating profit, reaching €413 million ($436 million). The company credited this growth to higher copper premiums, which offset the dip in production. This performance highlights Aurubis’ strategic approach, focusing on capacity expansion and recycling to maintain its strong position in the global copper market.