Aurubis Reports 4% Decline in Copper Cathode Output for 2023-24 Amid Strategic Growth Plans

Aurubis

Aurubis, Europe’s largest copper producer and recycler, reported a 4% decrease in copper cathode output for the 2023-24 fiscal year. Total production reached 578,000 tons (t), with 349,000t produced at the Hamburg plant in Germany and 229,000t at the Pirdop site in Bulgaria. The decline was primarily due to a 30% drop in Hamburg's fourth-quarter output following delays in restarting operations after a maintenance shutdown.

Expansion at Pirdop to Boost Future Output

Despite challenges in Germany, Aurubis has initiated a major expansion project at its Pirdop plant in Bulgaria. The tankhouse expansion, which began earlier this year, aims to increase the site's annual refined copper production by 50%, from 229,000t to 340,000t. The upgraded facility is expected to be operational by the second half of 2026, marking a significant investment in meeting future demand.

Recycling Division and Financial Highlights

Aurubis’ recycling division saw a 2% year-on-year increase, with a total output of 514,000t. The Olen site in Belgium led production with 334,000t, while Germany's Lunen plant showed strong growth, with a 5% increase in annual output and a 45% surge in the fourth quarter due to improved tankhouse capacity. However, the company's concentrate throughput dropped by 2% to 2.27 million tons (mn t), reflecting mixed performances across its operations: a 19% decline at the Hamburg mine and a 12% increase at Pirdop.

Aurubis recorded a 19% rise in operating profit to €413 million ($436 million), driven by higher copper premiums. This growth highlights the company’s strategic resilience and its focus on recycling and capacity expansions to maintain its leadership in the global copper industry.