LONDON Copper producer
Aurubis AG recorded a 94-percent year-on-year drop in net
income to 10 million ($13.33 million) in its fiscal first
quarter due to negative valuation effects on its process
inventory, the company announced Feb. 14.
The Hamburg, Germany-based
company posted revenues of 3.4 billion ($4.53
billion) for the three months ended Dec. 31, up 8 percent
from the year-ago period.
The companys performance
during the quarter was positively influenced by high but
volatile copper prices, rising treatment and refining charges,
and strong scrap supply, even as sales volumes for cathodes and
copper products declined in Asia and Europe, respectively.
"The last quarter of 2012 was
influenced again by difficult and volatile copper product
markets. Markets in Europe in particular were negatively
affected by weak demand from southern Europe," the company
"International demand for
cathodes declined during the quarter and exports to China
decreased in particular," Aurubis added.
The company said it expects
further improvement in raw materials availability over the next
few months as mine supply continues to expand and high copper
prices promote strong scrap supply.
Benchmark treatment and refining
charges for 2013 have been set at $70 per tonne/7 cents per
pound, up from $63.50 per tonne/6.35 cents per pound in 2012,
Aurubis group cathode output was virtually unchanged
at 234,000 tonnes during the three-month period, while wire rod
output declined 19 percent year on year to 127,000
A version of this article
was first published by AMM sister publication Metal