Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Aurubis AG has terminated the memorandum of understanding (MoU) signed with Norway’s Nussir ASA in August 2020. The deal bound both the companies in a supply contract for copper concentrates for the first 10 years from the Nussir’s Finnmark mine.


The partnership was viewed in line with Aurubis’ environmental commitment since Nussir plans to operate the world’s first fully electrified mine with zero carbon emissions. The MoU was an important step in financing the advancement of the mine and in establishing a new EU-based copper producer. The separation of the entities leaves the future of the mine unclear. 


Aurubis stated that certain social aspects of the project need to be accorded superior attention and ended the MoU. The company noted that the decision was made in the context of a due diligence process and the need for supply chain partners to align with the corporate sustainability strategies of Aurubis.


Aurubis fabricates more than 1mn mt of copper cathodes per annum along with other metals such as lead, nickel, tin, and zinc in production sites in the EU and US. 

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