Panama President sees no immediate risk from First Quantum mine
Jose Raul Mulino said a government report shows there are no immediate environmental or safety risks from Cobre Panama.
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand group copper production by about 110,000 metric tons, its CEO said.
Aurubis will increase output of copper cathodes, or finished refined copper, in its Pirdop refinery in Bulgaria by 50% to 340,000 tons annually, Aurubis CEO Roland Harings told Reuters.
The Pirdop plant is receiving a total 400 million euros ($429 million) of investment including 120 million euros to expand its tankhouse, the last step in the copper refining process.
Expansion should be completed by the second half of 2026.
Pirdop will then be about to fully refine all the metal it produces without having to send the first stage of metal produced, called anodes, to Aurubis’ main smelter network in Germany and Belgium for the final refining, Harings said.
“This will mean an increase in group cathode production capacity of about 110,000 tons which will reduce European copper import need, so this is a positive development for European industrial capacity.”
The additional metal will be generally sold in Europe, with expanding demand expected to continue from major trends such as renewable energy and electric cars.
Aurubis also plans a comprehensive modernization of the Pirdop smelter during a planned large-scale maintenance shutdown in 2025 and is building more solar power facilities at the location.
Harings said costs related to metal theft at its Hamburg site should cease to weigh on the company’s earnings.
On Feb. 6, Aurubis reported earnings again partly hit by high costs as a consequence of metal theft in Hamburg.
“I am confident that significant impact of the criminality on Aurubis’ results is at an end,” Harings said. “I am also confident that with a good production levels and firm demand Aurubis will achieve strong results this year.”
“I continue to expect we will reach our target of pre-tax profits of between 380 and 480 million euros this fiscal year.”
($1 = 0.9323 euros)
(By Michael Hogan; Editing by Tomasz Janowski)
Comments