Metals News
Project costs climb CEO, Europe's largest copper producer, leaves gloomily
Source:Wenhua Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM News: Aurubis, Europe's largest copper producer, said Wednesday that its profits could fall, while Juergen Schachler, the company's chief executive, said it would resign immediately.

The company said its board had unanimously agreed to the departure of Juergen Schachler, its chief executive, with immediate effect.

Schachler had planned to leave by the end of June.

Because the cost of the company's Future Complex Metallurgy project is much higher than expected, the board has decided to suspend the investment project.

Aurubis said the cost of the project was expected to cut its third-quarter profit by about 30 million euros.

The company also said that in the current market environment, it is expected that its third quarter of fiscal year 2018-19 and global profits may be limited

The Future Complex Metallurgy project was previously the company's largest project, including the construction of copper plants in Hamburg and Libby Olen and the expansion of raw material processing capacity.

A spokesman for Aurubis said, "the cost of the project was significantly higher than expected, and the CEO assumed overall responsibility for the project."

"if the project continues, it will obviously not be economical."

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