Core Viewpoint - Aurubis is exploring opportunities to establish a new copper smelter in the U.S. following the launch of its recycling plant in Georgia, amid a significant demand for smelting capacity in the country [1][2]. Group 1: U.S. Copper Smelting Opportunities - The U.S. has a substantial demand for copper smelting capacity, with only three existing smelters compared to 15 in Europe [2]. - Aurubis is considering three options to capitalize on the U.S. market, with the first option involving the expansion of its existing recycling operations to include anode furnaces and electrolytic cells [2]. - The second option involves building a new recycling plant on the U.S. West Coast, leveraging increased local scrap copper supply due to tariff decisions [2]. Group 2: Market Demand and Production Capacity - U.S. refined copper production currently meets only half of the domestic demand of 1.7 million tons, with a projected increase in demand to 2.3 million tons by 2035 [1]. - The U.S. recycling market is expected to grow by 26% over the next decade, reaching an annual capacity of 555,000 tons [3]. Group 3: Aurubis' Expansion Plans - Aurubis plans to invest approximately €500 million (about $577.7 million) in a new precious metals refining and recycling facility in Hamburg to increase platinum and antimony production [4]. - The company has raised its premium for European customers to a historical high of $315 per ton, a 38% increase from the previous year, driven by strong demand and supply concerns [4]. - Recent supply disruptions in Indonesia, Chile, and the Congo have contributed to rising copper prices, which peaked at $11,000 per ton before retreating to $10,525 per ton [4].

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