Aurubis AG, renowned as Europe’s leading refined copper producer, has embarked on a significant project at its Bulgarian smelter aimed at augmenting group copper production by approximately 110,000 metric tons, according to statements by its CEO.
Roland Harings, CEO of Aurubis, disclosed plans to ramp up the output of copper cathodes at the Pirdop refinery in Bulgaria by 50%, targeting an annual production capacity of 340,000 tons. This endeavor forms part of a larger investment totaling 400 million euros ($429 million), with 120 million euros allocated specifically to expand the facility’s tankhouse, the final stage in the copper refining process.
Anticipated to be completed by the latter half of 2026, the expansion initiative will enable the Pirdop plant to undertake comprehensive metal refinement locally, eliminating the need to dispatch initial metal stages, known as anodes, to Aurubis’ primary smelter network in Germany and Belgium.
Harings emphasized the significance of this expansion in bolstering the group’s cathode production capacity, foreseeing a reduction in Europe’s reliance on copper imports, thus fostering positive developments for the continent’s industrial capacity. The surplus copper is slated to cater primarily to the European market, fueled by escalating demand propelled by trends such as renewable energy and electric vehicles.
In addition to the expansion project, Aurubis has outlined plans for a comprehensive modernization of the Pirdop smelter during a scheduled large-scale maintenance shutdown in 2025. Furthermore, the company is spearheading efforts to enhance sustainability by integrating more solar power facilities at the site.
Addressing concerns regarding metal theft at its Hamburg site, Harings expressed optimism that the associated costs would no longer impede the company’s earnings. Despite previous earnings reports being impacted by such incidents, Harings remains confident in Aurubis’ prospects, anticipating robust performance driven by favorable production levels and steadfast demand.
“I continue to expect we will reach our target of pre-tax profits of between 380 and 480 million euros this fiscal year,” Harings affirmed.
