The German primary and secondary copper producer Aurubis generated operating earnings before taxes (Ebt) of €148m in the first three quarters of its fiscal year 2015/16, which began on 1 October 2015. As announced previously, the Ebt was lower than the €262m recorded one year before, but the decline was at the level of market expectations, Aurubis commented at the release of the earnings report on 10 August.
The copper group pointed out that the prior-year earnings included positive extraordinary effects of about €32m, mainly resulting from low precious metal inventories at the end of the third quarter. Aurubis attributed the decline in turnover during the nine-month period from €8.47bn to €7.08bn primarily to lower copper prices.
The availability of volumes on the copper scrap market remained weak during the reporting period due to volatile and low copper prices, among other factors. "Traders’ willingness to part with scrap was minimal", Aurubis said, adding that refining charges for copper scrap came under pressure and stagnated at a low level. The decrease in copper scrap input was partially compensated by the use of blister copper. The availability of complex recycling materials such as industrial residues and electrical and electronic scrap was adequate, according to Aurubis.