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☆ Aurubis: Thieves stole nearly $200 million from Europe's largest copper producer
▼ + stars: | 2023-09-19 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —Fraudsters have robbed Europe’s largest copper producer of €185 million ($198 million) worth of the metal, possibly with the help of insiders, the company said Tuesday. The inventory had established the scale of thefts the company disclosed on August 31 and in June, an Aurubis spokesperson told CNN. The losses forced Aurubis to slash its pretax profit forecast for the current fiscal year by about €170 million ($182 million). Whether the same criminals are behind these past cases and the theft disclosed in August is the subject of ongoing investigations, the Aurubis spokesperson said Tuesday. Aurubis produces about 1.1 million tonnes (1.2 million tons) of copper “cathodes,” or square sheets, per year at plants in Europe and the United States.

Persons: London CNN —, Germany’s Aurubis, Aurubis, “, Nadine Schmidt Organizations: London CNN, CNN, Office, State, Criminal Investigation Locations: Hamburg, Europe, United States

☆ Aurubis, Europe's largest copper producer, rocked by huge metal theft
▼ + stars: | 2023-09-01 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —Aurubis, Europe’s largest copper producer, says it has been the target of a huge theft, with damages running into hundreds of millions of euros. “During a scheduled review of metal inventories, Aurubis has identified considerable discrepancies in target inventory,” the German company said Thursday in a statement. Aurubis produces about 1.1 million tonnes (1.2 million tons) of copper “cathodes,” or square sheets, per year at plants in Europe and the United States. The company accounts for around 30% of Europe’s production of such copper and 3% to 5% of global output, a spokesperson told CNN. The company has involved the State Office of Criminal Investigation in Hamburg, Germany, where Aurubis is based, the copper producer said.

Persons: London CNN —, Aurubis, ”, Nadine Schmidt Organizations: London CNN, CNN, Criminal Investigation Locations: Europe, United States, Hamburg, Germany

Papperger said on Thursday that factory workers would build and repair Rheinmetall’s Fuchs armored personnel carrier — named after the German word for fox — under license in the facility. Rheinmetall (RNMBF) will operate the plant in partnership with Ukroboronprom, a Ukrainian state-owned defense group, which will also own the facility. Julian Stratenschulte/picture alliance/Getty ImagesFormer Russian President Dmitry Medvedev, a close ally of current President Vladimir Putin, has said Russia would retaliate by hitting any facility Rheinmetall set up in Ukraine, Reuters has reported. For now, Papperger said, sourcing more ammunition was a bigger priority than building more tanks. In theory, he added, Rheinmetall could provide 60% of the artillery ammunition Ukraine needs.

Persons: Armin Papperger, “, ”, Papperger, Rheinmetall’s Fuchs, ” Armin Papperger, reconditioned Marder, Julian Stratenschulte, Dmitry Medvedev, Vladimir Putin, didn’t, — Nadine Schmidt, Claudia Otto Organizations: London CNN, Rheinmetall, CNN, Rheinische Post, Ukroboronprom, Getty, Former, Reuters, NATO Locations: Berlin, London, Ukraine, Russia, Germany’s, Ukrainian, Lower Saxony, Germany, Former Russian, Russian, Europe

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