European Copper Giant Says It Is Victim of Huge Metal Theft
(Bloomberg) — Europe’s top copper producer Aurubis AG warned it may face losses in the hundreds of millions of euros after being hit by a massive metal theft, and no longer expects to meet its profit forecast for the year.
The company doesn’t yet know the extent of the damages but has discovered significant discrepancies in inventories and shipments of metal associated with its recycling business, Aurubis said in a statement. It’s conducting a special inventory of metal reserves that should be completed by the end of September.
The global metals industry has been repeatedly rocked in recent years by a series of incidents involving missing metal, including the shock revelation by commodities trader Trafigura Group that it was the victim of a massive alleged nickel fraud…
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If I was a thief which I’m not I would eye a gold miner and pocket that yellow. The density of copper is less than half the density of gold, so I would happily tell the difference when lifting both materials. 😀