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Aurubis fights back after huge fraud

Aurubis has set out its response to prevent any repetition of the multi-million-Euro scam which rocked the company in 2023.  

The annual report from Europe’s largest copper producer says a series of immediate measures and long-term improvements has been established to increase security after the fraud uncovered in 2023 when consignments of rock were misrepresented as valuable scrap. The cost has been estimated at EUR 185 million.

‘These measures include more frequent spot checks of personnel and vehicles along with intensified surveillance of risk areas. Additional approval levels were also introduced in raw material purchasing for specific material groups,’ a press release says.

‘Furthermore, in a group-wide project, individual teams worked with external expert support to analyse ongoing security-relevant processes and prevention potential with the aim of implementing additional measures across sites.’ 

Secure area

Aurubis is also planning a closed security area within a new precious metals recycling plant scheduled to come online in Hamburg at the end of 2026. It is incorporating the findings of an investigation into the fraud into the facility’s design. 

Following the big losses due to the criminal activity, Aurubis reported operating earnings before taxes EUR 349 million for the 2022/23 fiscal year, compared to EUR 532 million a year before.

‘We can be pleased with the result of the past fiscal year, considering that it is the third-best result in company history, especially in light of the damages caused by the criminal activities directed against Aurubis,’ says ceo Roland Harings.

‘Good operating performance coupled with high market demand for our products are clear proof of Aurubis’ potential. We are confident that we will continue to profit from powerful global developments like electrification, the circular economy, and the transition to more sustainability in the current fiscal year.’ 

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