Aurubis Foresees Improved Copper Performance in 2010

21 December 2009 (Last Updated December 21st, 2009 18:30)

European copper producer Aurubis says it foresees an increase in earnings next year following a higher than anticipated operating profit for the past year. Company earnings before tax in fiscal year 2008-09 was $104.4m compared to $487.7m the previous year. Aurubis earnings be

European copper producer Aurubis says it foresees an increase in earnings next year following a higher than anticipated operating profit for the past year.

Company earnings before tax in fiscal year 2008-09 was $104.4m compared to $487.7m the previous year.

Aurubis earnings before interest, tax, depreciation and amortisation for fiscal year 2008-09 was $308.7m compared to $677.58m the previous year, which is more than analyst forecasts of $258.7m.

This year group revenues totalled $9.56bn compared to $11.94bn the previous year.

Aurubis' primary copper business unit produced 2,095,000t of concentrates in 2009 compared to 1,606,000t the previous year and its recycling and precious metals arm yielded 197,000t of copper cathodes compared to 2008’s 203,000t.

Gold and silver production stood at 33.3t and 1,227t compared to 34.4t and 1,278t in the previous year.

Aurubis says it expects greater worldwide demand for copper in 2010 at nearly 17.9 million tonnes, recouping the fall of 3% in 2009.

The company said there might be a production surplus in worldwide copper balance for the next two years, however, it would be limited to facilitate a solid price basis.