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Aurubis to replace top managers after metal theft problems -January 22, 2024 at 10:56 am EST

BERLIN (Reuters) – Top managers of Europe’s largest copper producer Aurubis will be replaced over what media reports on Monday said was their mishandling of the suspected theft of precious metals from the Hamburg-based company.

Aurubis saw around 500 million euros wiped off its market value in September, after saying that a criminal gang had stolen major volumes of its precious metal.

The supervisory board is in advanced discussions with three members of the executive board regarding the termination of their offices, a company statement said, without specifying the reasons for the move. A spokesperson declined further comment.

Chief Executive Officer Roland Harings, Chief Financial Officer Rainer Verhoeven and Chief Production Officer Heiko Arnold could depart at the end of September, June and February respectively, the statement said.

German media outlets including the daily Handelsblatt and the media outlet manager magazin said the metal theft issue had triggered the change.

The company could also appoint Markus Kramer from supervisory board to executive board as of 1 March 2024 for a term until probably 30 September 2024, the statement said.

Precious metals including silver are contained in copper ores and scrap which are refined for sale as by-products by Aurubis.

(Writing by Nette Nöstlinger; editing by Matthias Williams)

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