Thieves stole €185 million ($198 million) worth of copper from Europe’s largest copper producer, the business said on Tuesday, perhaps with the assistance of insiders.
The largest copper manufacturer in Europe, Aurubis, is looking into a possible supplier-employee conspiracy after discovering that metals worth hundreds of millions of euros were missing from its warehouses.
Germany’s Aurubis discovered that it had overpaid invoices for shipments of scrap metal and other inputs after conducting an unusual inventory on August 31. The invoices were based on samples that had been modified to reflect a far higher copper content than really existed.
According to the corporation, the losses would have an impact on its fiscal 2022–2023 results and the linked damages could total in the low three-digit millions of euros. It declared that it will fall short of its goal of 450–550 million euros in operating profitability before tax.
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