LONDON Aurubis AG saw a
loosening in copper concentrate supply during its fiscal first
half ended March 31 as mine supply picked up, leading to a
10-percent increase in realized treatment and refining charges
(TCs/RCs) during the period.
Simultaneously, lower copper
priceswhich in part reflected that increased mine
supplycreated a "perceptibly tighter" copper scrap market
during the period, Aurubis said May 14.
Aurubis smelters were
fully supplied with concentrates, and while overall recycling
throughput was higher the decline in prices toward the end of
the period caused copper scrap traders to withhold supplies,
the company said.
The availability of complex raw
materials such as electronic scrap also deteriorated,
contributing to a significant decline in overall recycling
refining charges from a very high prior-year level.
The Hamburg, Germany-based
company posted pre-tax operating earnings of 141 million
($181 million) for the fiscal first half, down from 173
million a year earlier.
The company expects higher
realized TCs/RCs to continue to support profitability at its
primary copper unit, but a large-scale shutdown at its Hamburg
plant in the fall will affect overall earnings, it said.
Lower precious metals sales also
contributed to a 1.3-percent drop in overall revenue to
6.7 billion ($8.6 billion).
A version of this article
was first published by AMM sister publication Metal