After letting supply contracts lapse, Aurubis AG, Europe’s largest copper smelter and manufacturer, no longer buys from Russia, its CEO has confirmed.
After Russia invaded Ukraine last year, copper and other commodities from the country were boycotted and sanctioned.
On the sidelines of the World Copper Conference in Santiago, the copper industry’s largest gathering since 2019, Aurubis CEO Roland Harings said the company did not renew contracts for Russian copper supply when they expired. Aurubis refines and recycles copper into wire and other components.
We no longer acquire Russian copper. “It’s gone,” he said. Last October, Harings urged the London Metal Exchange to exclude Russian metal due to warehouse filling. Copper supply contracts expire annually.
According to Trade Data Monitor, Russia delivered roughly 292,000 tonnes of 801,000 tonnes of imported copper to Germany-based Aurubis and the EU in 2021, before the invasion.
Harings claimed Aurubis has no supply issues because the copper market has switched to new sources.
“We have been able without real problems to replace the Russian copper units that we were buying with other sources,” Harings added.
Harings also stated the copper market was solid and that Aurubis is seeing significant demand for cable and other green energy transition goods.
Harings claimed copper demand will continue for decades.