Lord D'arcy Pew Posted September 1, 2023 Share Posted September 1, 2023 (edited) Quote Shares in Hamburg-based Aurubis dropped as much as 18pc after the company said it had found significant discrepancies in stockpiles and shipments of scrap metal linked to its recycling business. Bosses believe some of its suppliers have manipulated details about the scrap metal they provided and have been working with employees in the company’s sampling department to cover it up. Aurubis, which produces around 1.1m tonnes of copper sheets per year, said that while the exact cost of the theft could not be determined, it could not rule out losses in the low hundred-million-euro range. https://www.telegraph.co.uk/business/2023/09/01/copper-producer-aurubis-huge-losses-criminal-theft/ Let's hope there's still some copper left to enable net zero. 😎 Quote Bosses suspect the stolen metal is often shipped to China. The Aurubis theft is the latest scandal to rock the global metal industry in recent months. Earlier this year, commodity trader Trafigura said it expected to lose nearly $600m in what it described as a “systematic fraud” after finding that cargoes of nickel it had purchased did not contain any nickel. The London Metal Exchange also shocked the market this year after discovering that some bags of nickel in its warehouses were actually filled with stones. When nickel becomes all nicked. 🤣 Edited September 1, 2023 by Lord D'arcy Pew Quote Link to comment Share on other sites More sharing options...
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