Aurubis CEO upbeat as metals demand, prices high
HAMBURG – The CEO of Europe's largest copper producer Aurubis remains optimistic of rising earnings in its 2021/22 financial year amid strong demand and high prices for copper and other metals, he said in an advance release of a speech on Wednesday.
Aurubis also has medium-term plans to invest around 200-million euros ($228-million) to expand recycling of car batteries, Roland Harings said in the text of a speech to the company’s annual shareholder meeting on Thursday.
Aurubis on February 7 posted an 85% rise in quarterly profits and reiterated increased 2021/22 earnings estimates.
“We remain ambitious for 2021/22,” Harings said. The company aims to “significantly exceed” the previous financial year which was the best in its history.
The first quarter benefited from high metals prices and high production of copper, tin, nickel and zinc, along with high prices for the by-product sulphuric acid.
“With this tailwind we will achieve a new record result,” Harings predicted.
He repeated Aurubis’ forecast for full-year 2021/22 operating earnings before tax of between 400-million and 500-million euros, up from 353-million euros in the previous year.
"We expect continued high energy prices in 2022,” he said. “We will counter this with active energy management.”
Booming numbers of electrically-powered cars is also stimulating a major increase in European production of car batteries which will in turn raise demand for battery recycling, Harings said.
Aurubis has developed a new process for battery recycling and has applied for a patent.
“Currently we are setting up a pilot plant in Hamburg to optimize our technology on a larger scale,” Harings said. “In the medium-term we want to invest 200 million euros in a plant with an industrial scale.”
The new plant could be operational within the next five years, he said.
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