Copper producer and multi-metal recycler Aurubis has signed a €200m loan agreement with the European Investment Bank (EIB). The five-year financing will be used to implement two strategic projects: the expansion of metal recycling at the Hamburg site and the extension of copper refining at the Pirdop plant in Bulgaria.
According to Aurubis, a significant share of the funds will go into its "Complex Recycling Hamburg" (CRH) investment programme. At its Hamburg headquarters, Aurubis plans to process an additional 30,000 tonnes of recycling material per year as well as larger volumes of complex intermediate products from its smelting processes. The aim is to close both internal and external material cycles and to significantly expand recycling capacities. The new facilities are scheduled to be commissioned in the 2025/26 financial year. The recycler plans to invest around €190m at the site.
"With the EIB, we’re gaining a strong European partner to support our strategic investments in a sustainable future," said Aurubis chief financial officer Steffen Hoffmann. "This financing commitment acknowledges the social relevance and outstanding quality of our investment projects. The loan’s attractive terms compared to market conditions enable us to further diversify our financing base."
The EIB financing is the first loan for the raw materials sector under the EU bank’s new critical raw materials strategy. This strategy is intended to fortify European value chains and support the implementation of the EU’s Critical Raw Materials Act (CRMA). According to EIB vice-president Nicola Beer, expanding copper recycling contributes to the industrial competitiveness of Europe.
In addition to the Hamburg project, the EIB financing is also to support the expansion of electrolysis at the Bulgarian Pirdop plant. Aurubis is investing around €120m there to increase copper cathode production. Annual production capacity is to be raised by about 50 per cent to 340,000 tonnes. Commissioning for this project is also scheduled for the 2025/26 financial year.
With these investments, Aurubis aims to better meet the growing demand for copper in Europe. The group points to expert assessments forecasting that global copper demand will roughly double by 2050. Aurubis says the expanded capacities leave it well positioned to meet the anticipated increase.
