Blister copper

Unrefined porous copper. During solidification, dissolved gases form small blisters in the copper. Blister copper is also purchased as a raw material


Capital employed

Capital employed is the sum of equity, provisions for pension liabilities and financial liabilities, less cash and cash equivalents

Cathode premium

Surcharge for high-quality cathodes (Grade A) and premium for cathode delivery paid by the customer; reflects scarcity in structurally undersupplied markets


The Carbon Disclosure Project (CDP) is a non-profit organization with the objective of encouraging companies and towns to publish their environmental data. Once a year, the CDP collects data and information about CO2 emissions, climate risks, and reduction targets and strategies from companies on a voluntary basis with the use of questionnaires


A term for materials mostly traded on the exchanges, including non-ferrous metals such as copper, tin and lead, as well as precious metals, but also crude oil, grain and coffee

Complex materials

Both primary and secondary raw materials are becoming more complex, i.e. their copper content is decreasing and their concentrations of by-elements and impurities are increasing


Compliance means conforming to certain rules. Apart from laws, directives and other standards, it also refers to corporate guidelines (e.g. codes of conduct)


The normal status of commodity futures contracts on the exchange, in which the price for prompt deliveries is below the forward price for future delivery (taking storage costs into account). The opposite of backwardation

Continuous cast shapes

Products manufactured from endless strands produced in a continuous casting process. Continuous cast shapes are processed into sheet, foil, profiles and tubes by rolling and extrusion

Continuous cast wire rod

Semi-finished product produced in a continuous process and used for the fabrication of copper wire. Standard diameter: 8 mm. Other dimensions can also be supplied

Copper anodes

The end product of pyrometallurgical copper production. Positive polarized electrodes of a tankhouse cell. Copper content about 99.5 %

Copper cathodes

Quality product of the copper tankhouse (copper content 99.99 %) and the first marketable product in copper production which can be sold on the metal exchanges

Copper concentrates

A product resulting from the processing (enriching) of copper ores, the Aurubis Group’s main raw material. Since copper is found almost exclusively in ores, in compound form and in low concentrations (usually below 1 % copper content), the ores are enriched in processing facilities into concentrates (copper content of 25 to 40 %) after extraction from the mine

Copper tankhouse

In the copper tankhouse an electrochemical process, the last refining stage in copper recovery, takes place. Anodes and cathodes are hung in a sulfuric acid solution (electrolyte) and connected to an electric current. Copper and baser elements (e.g. nickel) are dissolved on the anode in the electrolyte. Copper from the solution is deposited on the cathode with a purity of 99.99 %. Precious metals (e.g. silver and gold) and insoluble components settle as “anode slimes” on the bottom of the tankhouse cell

CSR Directive

Corporate Social Responsibility Directive 2014/95/EU on the disclosure of non-financial and diversity information



The DAX (an abbreviation of “Deutscher Aktienindex”, or “German Stock Index”) is the main German stock index. It reflects the development of the 30 largest and strongest companies (related to free float market capitalization and order book volume) that are listed in the Prime Standard of the Frankfurt Stock Exchange



EBIT (earnings before interest and taxes) is an indicator of a company’s operative earning power, ignoring its capital structure


EBITDA (earnings before interest, taxes, depreciation and amortization) is an indicator of a company’s operative earning power, ignoring its capital structure and propensity to invest


EBT (earnings before taxes) is an indicator of a company’s earning power


Eco-Management and Audit Scheme, also known as the EU eco-audit. EMAS was developed by the European Union and is a joint system comprising environmental management and environmental auditing for organizations that want to improve their environmental performance. The EMAS Regulation (Eco-Audit Regulation) gives companies a key role in responsibly handling their direct and indirect environmental impacts


Free cash flow

Free cash flow is the generated surplus of cash and cash equivalents, taking into account cash-related changes in working capital, and after deducting capital expenditure. It is available for a company’s dividend and interest payments as well as for the redemption of financial liabilities



The Global Reporting Initiative (GRI) is a participatory procedure for developing regulations for the sustainability reports of large companies, small and medium-sized enterprises (SMEs), governments and NGOs


Iron silicate

A by-product of copper production in the refining process. Formed using sand from iron chemically bonded to copper concentrates and recycling raw materials. Is mainly used in the construction industry as granules/sand or in lump form



Kayser Recycling System; a state-of-the-art recycling plant in Lünen for the treatment of a wide range of copper-bearing secondary raw materials



London Metal Exchange: the most important metal exchange in the world, with the highest turnover


Lost time injury frequency rate



The MDAX (derived from “mid-cap DAX”) is a German stock index introduced on January 19, 1996. It includes 50 stocks – primarily from classic industries – that follow the DAX stocks in the ranking of free float market capitalization and stock market turnover. The MDAX thus reflects the price trend of shares in medium-sized companies located or primarily active in Germany (mid-caps)

Metal gain

Metal yield that a smelter can extract beyond the paid metal content in the raw input materials


Net cash flow

Net cash flow is the generated surplus of cash and cash equivalents after taking into account cash-related changes in working capital. It is available for payments in conjunction with a company’s investing and financing activities

Net financial liabilities

Net financial liabilities consist of long and short-term financial liabilities less cash and cash equivalents



Performance, Responsibility, Integrity, Mutability, Appreciation. The first letters of these values spell the German word “prima”, meaning “great”

Product surcharge

Fee for processing copper cathodes into copper products


Recycling materials

Materials in a closed loop economy. They arise as residues from production processes or during the preparation of end-of-life products and rejects, and are ideal for recycling


ROCE (return on capital employed) is the ratio of EBIT to capital employed as at the balance sheet date. It describes the efficiency with which capital was utilized during the reporting period


Secondary copper production

Production of copper from recycling materials

Settlement price

Official cash selling rate on the LME. Price basis in annual sales agreements

Spot market

Daily business; market for prompt deliveries

Supply Chain Management

SCM is a process-oriented management approach that comprises all of the flows of raw materials, semi-finished products, final products and information along the value and supply chain, from raw material suppliers to final customers, and pursues the objective of resource optimization for all divisions in the Company that are part of the supply chain


Treatment and refining charges (TC/RCs), refining charges (RCs)

Surcharges on the purchase price of metals, charged for turning these raw materials into the commodity exchange product – copper cathodes – and other metals