| Aurubis AG (DE0006766504) | |||
88,00 EURStand (close): 01.07.25 |
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| 18.06.25 15:55:48 | Update: Troilus Loses 2% as Agrees to Commercial Offtake Terms with Aurubis for Copper-Gold Concentrate |  |
| (Updates shares.) Troilus Gold (TLG.TO) said Wednesday it agreed to terms with Germany-based Auru PREMIUM Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles. Upgrade Already have a subscription? Sign in |
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| 18.06.25 11:30:58 | Troilus, Aurubis Agree to Commercial Offtake Terms for Copper-Gold Concentrate | |
| Troilus Gold (TLG.TO) said Wednesday that it agreed to indicative commercial offtake terms with Germ PREMIUM Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles. Upgrade Already have a subscription? Sign in |
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| 30.03.25 06:08:42 | Aurubis (ETR:NDA) Could Be A Buy For Its Upcoming Dividend |  |
| Aurubis AG (ETR:NDA) stock is about to trade ex-dividend in four days. The ex-dividend date is two business days before a company's record date in most cases, which is the date on which the company determines which shareholders are entitled to receive a dividend. The ex-dividend date is important because any transaction on a stock needs to have been settled before the record date in order to be eligible for a dividend. In other words, investors can purchase Aurubis' shares before the 4th of April in order to be eligible for the dividend, which will be paid on the 8th of April. The company's upcoming dividend is €1.50 a share, following on from the last 12 months, when the company distributed a total of €1.50 per share to shareholders. Looking at the last 12 months of distributions, Aurubis has a trailing yield of approximately 1.7% on its current stock price of €88.75. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. That's why we should always check whether the dividend payments appear sustainable, and if the company is growing. Dividends are usually paid out of company profits, so if a company pays out more than it earned then its dividend is usually at greater risk of being cut. Aurubis paid out just 11% of its profit last year, which we think is conservatively low and leaves plenty of margin for unexpected circumstances. Yet cash flow is typically more important than profit for assessing dividend sustainability, so we should always check if the company generated enough cash to afford its dividend. It paid out more than half (75%) of its free cash flow in the past year, which is within an average range for most companies. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously. See our latest analysis for Aurubis Click here to see the company's payout ratio, plus analyst estimates of its future dividends.XTRA:NDA Historic Dividend March 30th 2025 Have Earnings And Dividends Been Growing? Businesses with strong growth prospects usually make the best dividend payers, because it's easier to grow dividends when earnings per share are improving. If earnings fall far enough, the company could be forced to cut its dividend. That's why it's comforting to see Aurubis's earnings have been skyrocketing, up 27% per annum for the past five years. The main way most investors will assess a company's dividend prospects is by checking the historical rate of dividend growth. Aurubis has delivered 4.1% dividend growth per year on average over the past 10 years. Earnings per share have been growing much quicker than dividends, potentially because Aurubis is keeping back more of its profits to grow the business. Story Continues To Sum It Up Should investors buy Aurubis for the upcoming dividend? Earnings per share have grown at a nice rate in recent times and over the last year, Aurubis paid out less than half its earnings and a bit over half its free cash flow. It's a promising combination that should mark this company worthy of closer attention. While it's tempting to invest in Aurubis for the dividends alone, you should always be mindful of the risks involved. Our analysis shows 2 warning signs for Aurubis that we strongly recommend you have a look at before investing in the company. Generally, we wouldn't recommend just buying the first dividend stock you see. Here's a curated list of interesting stocks that are strong dividend payers. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. View Comments |
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| 07.03.25 08:34:02 | Aurubis AG (ETR:NDA) surges 10%; individual investors who own 35% shares profited along with institutions | |
| Key Insights Significant control over Aurubis by individual investors implies that the general public has more power to influence management and governance-related decisions The top 5 shareholders own 50% of the company Institutions own 34% of Aurubis Every investor in Aurubis AG (ETR:NDA) should be aware of the most powerful shareholder groups. And the group that holds the biggest piece of the pie are individual investors with 35% ownership. Put another way, the group faces the maximum upside potential (or downside risk). Individual investors gained the most after market cap touched €4.0b last week, while institutions who own 34% also benefitted. In the chart below, we zoom in on the different ownership groups of Aurubis. See our latest analysis for Aurubis XTRA:NDA Ownership Breakdown March 7th 2025 What Does The Institutional Ownership Tell Us About Aurubis? Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices. We can see that Aurubis does have institutional investors; and they hold a good portion of the company's stock. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Aurubis' earnings history below. Of course, the future is what really matters.XTRA:NDA Earnings and Revenue Growth March 7th 2025 We note that hedge funds don't have a meaningful investment in Aurubis. Salzgitter AG is currently the company's largest shareholder with 31% of shares outstanding. Rossmann Beteiligungs GmbH is the second largest shareholder owning 10% of common stock, and Silchester International Investors LLP holds about 3.1% of the company stock. Our research also brought to light the fact that roughly 50% of the company is controlled by the top 5 shareholders suggesting that these owners wield significant influence on the business. While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too. Insider Ownership Of Aurubis The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. Story Continues Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. Our data cannot confirm that board members are holding shares personally. It is unusual not to have at least some personal holdings by board members, so our data might be flawed. A good next step would be to check how much the CEO is paid. General Public Ownership The general public-- including retail investors -- own 35% stake in the company, and hence can't easily be ignored. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies. Public Company Ownership It appears to us that public companies own 31% of Aurubis. We can't be certain but it is quite possible this is a strategic stake. The businesses may be similar, or work together. Next Steps: It's always worth thinking about the different groups who own shares in a company. But to understand Aurubis better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 2 warning signs for Aurubis (of which 1 is concerning!) you should know about. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. View Comments |
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| 08.02.25 15:00:24 | Aurubis AG (AIAGF) Q1 2025 Earnings Call Highlights: Strong EBT Growth Amid Operational Challenges | |
| Release Date: February 06, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Aurubis AG (AIAGF) reported a robust operating EBT of 130 million, marking a 17.5% increase compared to the previous year. The company achieved a significant improvement in net cash flow, reaching 178 million, well above the previous year's negative figure. Aurubis AG (AIAGF) maintained a strong equity ratio of 54.7%, indicating a healthy balance sheet. The company has successfully implemented around 25% of the 400 identified plant security measures, with additional measures planned for 2025. Aurubis AG (AIAGF) has a well-diversified supplier base with long-term contracts, ensuring stable material supply for its operations. Negative Points Aurubis AG (AIAGF) anticipates a slightly lower earnings situation from recycling materials for the remainder of fiscal year 2025. The company faces increased personnel costs due to wage and salary increases linked to collective wage agreements. Aurubis AG (AIAGF) reported decreased concentrate throughput with lower treatment and refining charges. The company expects startup losses of around 50 million for the Richmond project in the current fiscal year. Aurubis AG (AIAGF) anticipates a negative impact of 34 million EBT due to a maintenance shutdown in Pirdop in May-June 2025. Q & A Highlights Warning! GuruFocus has detected 7 Warning Signs with AIAGF. Q: Can you quantify the positive contribution from sulfuric acid in the first quarter? A: Stefan Hoffman, CFO: The quarterly impact of sulfuric acid is a double-digit million EUR figure, more in the lower vicinity. We expect this trend to continue in the coming quarters, making it a strong supportive lever for earnings. Q: What is the outlook for the recycling market and its impact on earnings? A: Stefan Hoffman, CFO: The recycling market is short-term and influenced by factors like metal prices and Chinese imports. While refining charges are under pressure, our robust business model and long-term contracts help mitigate risks. Sulfuric acid revenue streams provide an upside that can counteract these pressures. Q: How well supplied is the recycling network for the current fiscal year? A: Tore Park, CEO: We are well supplied into the second quarter of this year. Despite some tightening of TCRC, we are cautiously optimistic about maintaining a good supply for the remaining quarters, Q3 and Q4. Q: What is the expected timeline for Richmond to reach break-even? A: Tore Park, CEO: We expect startup losses of around EUR 50 million this fiscal year. Next year, we anticipate reduced startup losses with a positive contribution expected in 2026-27. Story Continues Q: Can you provide insights on the hedging strategy for precious metals? A: Stefan Hoffman, CFO: For the current fiscal year, we have hedged more than two-thirds of our exposure to gold and silver due to favorable prices. For the next fiscal year, we have hedged at a low level but more than usual, given the favorable environment. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. View Comments |
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| 08.02.25 06:03:49 | Aurubis First Quarter 2025 Earnings: EPS: €5.87 (vs €1.33 in 1Q 2024) | |
| Aurubis (ETR:NDA) First Quarter 2025 Results Key Financial Results Revenue: €4.22b (up 8.3% from 1Q 2024). Net income: €256.0m (up 341% from 1Q 2024). Profit margin: 6.1% (up from 1.5% in 1Q 2024). The increase in margin was driven by higher revenue. EPS: €5.87 (up from €1.33 in 1Q 2024).XTRA:NDA Earnings and Revenue Growth February 8th 2025 All figures shown in the chart above are for the trailing 12 month (TTM) period Aurubis Earnings Insights Looking ahead, revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in Europe. Performance of the market in Germany. The company's shares are up 7.1% from a week ago. Risk Analysis What about risks? Every company has them, and we've spotted 2 warning signs for Aurubis (of which 1 can't be ignored!) you should know about. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. View Comments |
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| 01.02.25 07:32:17 | Aurubis (ETR:NDA) Has More To Do To Multiply In Value Going Forward | |
| If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating Aurubis (ETR:NDA), we don't think it's current trends fit the mold of a multi-bagger. Return On Capital Employed (ROCE): What Is It? For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Aurubis: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) 0.085 = €478m ÷ (€7.8b - €2.2b) (Based on the trailing twelve months to September 2024). Thus, Aurubis has an ROCE of 8.5%. In absolute terms, that's a low return but it's around the Metals and Mining industry average of 9.3%. See our latest analysis for Aurubis XTRA:NDA Return on Capital Employed February 1st 2025 Above you can see how the current ROCE for Aurubis compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Aurubis . So How Is Aurubis' ROCE Trending? In terms of Aurubis' historical ROCE trend, it doesn't exactly demand attention. The company has employed 69% more capital in the last five years, and the returns on that capital have remained stable at 8.5%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments. The Bottom Line Long story short, while Aurubis has been reinvesting its capital, the returns that it's generating haven't increased. Although the market must be expecting these trends to improve because the stock has gained 61% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high. If you'd like to know more about Aurubis, we've spotted 2 warning signs, and 1 of them doesn't sit too well with us. While Aurubis may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this freelist here. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. View Comments |
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| 05.01.25 07:24:25 | Investing in Aurubis (ETR:NDA) five years ago would have delivered you a 58% gain | |
| Aurubis AG (ETR:NDA) shareholders might be concerned after seeing the share price drop 10% in the last month. Looking further back, the stock has generated good profits over five years. Its return of 43% has certainly bested the market return! So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns. See our latest analysis for Aurubis While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. During five years of share price growth, Aurubis achieved compound earnings per share (EPS) growth of 17% per year. This EPS growth is higher than the 7% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. The reasonably low P/E ratio of 7.92 also suggests market apprehension. The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).XTRA:NDA Earnings Per Share Growth January 5th 2025 It's probably worth noting that the CEO is paid less than the median at similar sized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. It might be well worthwhile taking a look at our freereport on Aurubis' earnings, revenue and cash flow. What About Dividends? When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Aurubis' TSR for the last 5 years was 58%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence! A Different Perspective Aurubis shareholders are up 9.1% for the year (even including dividends). But that return falls short of the market. If we look back over five years, the returns are even better, coming in at 10% per year for five years. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Case in point: We've spotted 2 warning signs for Aurubis you should be aware of, and 1 of them is significant. Story Continues If you like to buy stocks alongside management, then you might just love this freelist of companies. (Hint: many of them are unnoticed AND have attractive valuation). Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on German exchanges. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. View Comments |
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| 19.09.24 10:53:07 | Aurubis AG's (ETR:NDA) biggest owners are individual investors who got richer after stock soared 6.6% last week | |
| Key Insights Aurubis' significant individual investors ownership suggests that the key decisions are influenced by shareholders from the larger public The top 7 shareholders own 50% of the company Institutional ownership in Aurubis is 24% Every investor in Aurubis AG (ETR:NDA) should be aware of the most powerful shareholder groups. We can see that individual investors own the lion's share in the company with 45% ownership. Put another way, the group faces the maximum upside potential (or downside risk). As a result, individual investors collectively scored the highest last week as the company hit €3.1b market cap following a 6.6% gain in the stock. Let's delve deeper into each type of owner of Aurubis, beginning with the chart below. See our latest analysis for Aurubis ownership-breakdown What Does The Institutional Ownership Tell Us About Aurubis? Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing. We can see that Aurubis does have institutional investors; and they hold a good portion of the company's stock. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Aurubis' historic earnings and revenue below, but keep in mind there's always more to the story. earnings-and-revenue-growth Aurubis is not owned by hedge funds. Looking at our data, we can see that the largest shareholder is Salzgitter AG with 31% of shares outstanding. In comparison, the second and third largest shareholders hold about 5.2% and 3.1% of the stock. We also observed that the top 7 shareholders account for more than half of the share register, with a few smaller shareholders to balance the interests of the larger ones to a certain extent. While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too. Story continues Insider Ownership Of Aurubis The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group. We note our data does not show any board members holding shares, personally. Given we are not picking up on insider ownership, we may have missing data. Therefore, it would be interesting to assess the CEO compensation and tenure, here. General Public Ownership The general public, who are usually individual investors, hold a 45% stake in Aurubis. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run. Public Company Ownership We can see that public companies hold 31% of the Aurubis shares on issue. It's hard to say for sure but this suggests they have entwined business interests. This might be a strategic stake, so it's worth watching this space for changes in ownership. Next Steps: I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. For example, we've discovered 2 warning signs for Aurubis that you should be aware of before investing here. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. View comments |
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| 16.09.24 07:37:17 | Germany Seals Migration Deal With Uzbekistan on Scholz Visit | |
| (Bloomberg) -- Germany and Uzbekistan sealed an agreement on migration and labor mobility and concluded a number of other accords designed to deepen cooperation in areas including critical raw materials like copper. Most Read from Bloomberg Housing’s Worst Crisis in Decades Reverberates Through 2024 Race An Affordable Nomadic Home Design Struggles to Adapt to Urban Life US Driving and Congestion Rates Are Higher Than Ever A City Finds Success Using 'Trees as Medicine' The Hague Is World’s First City to Ban Oil and Air Travel Ads The pacts were signed Sunday in Samarkand in the presence of Uzbekistan President Shavkat Mirziyoyev and German Chancellor Olaf Scholz, who’s traveling to Central Asia for the first time and will head on to Kazakhstan later on Monday. In a speech at an economic forum in Samarkand Monday, Scholz said that “very concrete contacts” between a delegation of executives traveling with him and their Uzbek counterparts had yielded “great progress” in relations between the two nations. “Together we want to use and develop the opportunities around the raw materials that are found here, for the benefit of the economies of both countries,” Scholz said. “We want to work together in many technological areas, this is of great importance,” he added. The German leader highlighted progress made on a project involving German copper producer Aurubis AG, without providing further details. Scholz’s trip is part of a wider push to strengthen ties with Central Asian nations in areas like industry, energy and the environment, as well as in security and defense. It’s also important to an ongoing effort to diversify Germany’s sources of energy and raw materials away from countries like Russia and China. According to the government in Berlin, the migration agreement with Uzbekistan will help Germany attract skilled workers, though how far that helps address a persistent shortfall in Europe’s biggest economy remains to be seen. The accord also establishes a mechanism for cooperation on sending migrants back who don’t have the right to stay in either country. Scholz’s government has toughened its stance on migration in recent months in response to the rise of extreme parties on the left and right which want to curb the number of immigrants arriving in the country. Germany inked a similar accord on Friday with Kenya during a visit by the African nation’s president, William Ruto. Scholz said that it provides opportunities for Kenyans because skilled workers or young people can come to Germany for training. “The agreement — and this is basically the other side of the coin — also provides for effective procedures to return those who have come to us from Kenya but do not have or cannot acquire the right to remain,” he said at a joint news conference with Ruto at the chancellery in Berlin. Story continues As well as the migration pact, Germany and Uzbekistan signed the following accords Sunday: Joint declaration of intent on deeper cooperation on critical raw materials, including copper, to help make supply chains more resilient Declaration of intent on veterinary medicine and livestock farming Declaration of intent on cooperation on sustainable use of water resources Agreement on transport cooperation, including high-speed rail travel Scholz is due to hold talks in Astana later on Monday with Kazakhstan President Kassym-Jomart Tokayev and the two countries will also sign a number of agreements. These relate to cooperation between the Bundesbank and Kazakhstan’s central bank, as well as the establishment of a German-Kazakh Institute of Science and Technology and a German school in Astana. Scholz will also seek to encourage Kazakhstan to expand deliveries of crude oil to a key refinery in eastern Germany, according to a senior German government official, who asked not to be identified in line with briefing rules. The Schwedt facility gets about 70% of its crude oil via pipeline from the German port of Rostock, some 15% via pipeline from Gdansk in Poland, and about 15% via the Druzhba link from Kazakhstan. Scholz, Tokayev and Mirziyoyev are due to meet with the presidents of Tajikistan, Kyrgyzstan and Turkmenistan on Tuesday in Astana. (Adds Scholz comments starting in third paragraph.) Most Read from Bloomberg Businessweek The Man Who Made Nike Uncool College Football Players Learn an Ugly Truth About Getting Paid Israeli Budget Brawl Shows Gaza War Splintering the Nation EV Leases Go as Low as $20 a Month to Help Dealers Clear Their Lots The Vegas Sphere’s First Live Sporting Event Will Be an Expensive One ©2024 Bloomberg L.P. View comments |
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