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Urobis suspects more mineral theft is taking place and cancels the forecast

Urobis suspects more mineral theft is taking place and cancels the forecast

DrHamburg-based copper manufacturer Aurubis assumes, according to its own statements, that it has once again become a victim of metal theft, and is therefore canceling its forecast for this year. It was only announced last June that a gang of thieves had been stealing intermediate products containing precious metals from the company for years, generating revenues of about 20 million euros. At present, damage in the “low three-digit” million range cannot be ruled out.

As Eurobis announced Thursday evening in Hamburg, when examining the mineral stock, “significant deviations from the target stock were found as well as deviations from particular samples for some deliveries of input materials in the recycling area”. Based on these indicators, it can be assumed that “the company has become vulnerable to more criminal acts – beyond the cases published in June 2023”. According to Aurobis, he turned against the state criminal police office. She added that the extent of the damage could not be determined with certainty.

In accordance with the information in the mandatory stock exchange notification, Aurubis has begun conducting an extraordinary inventory count of metals. The result is expected at the end of September 2023. The damages resulting from the theft will have a negative impact on the result for the fiscal year 2022/23. Thus the projected range for the current financial year 2022/23 of €450m to €550m cannot be maintained. This news alarmed investors on the stock exchange, as Auurubis stock fell dramatically on the Tradegate trading platform in an initial reaction.

According to Aurubis, it is the world’s leading supplier of non-ferrous metals and one of the world’s largest copper recyclers. In mid-June, the Hamburg Public Prosecutor’s Office had more than 30 estates in Hamburg, Lower Saxony, Mecklenburg-Vorpommern, Schleswig-Holstein and Hesse looking for theft of metals from Eurobis. The prosecutor’s office said six men were arrested at the time. The defendants and other hitherto unknown accomplices are said to have stolen several tons of copper production by-products containing precious metals from the company’s premises in various ways.

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