Copper theft rockets, costing firms R15.4m in May

Losses from copper theft are up by 71% from a year ago, with companies reporting damages of R15.4-million in May.

Statistics compiled by the SA Chamber of Commerce and Industry, which include data from members but not municipalities, show 214 tons of copper were stolen last month, bringing losses for the year to at least 824 tons worth R61-million. This is nearly 20% higher than over the same period last year.

Losses from copper theft, including losses where power outages are suffered, would be much higher if data from non-Sacci members were available, said Pietman Roos, Sacci policy analyst.

Exports of copper scrap totalled nearly R2-billion in the first four months of the year, according to statistics from the SA Revenue Service. Of this, copper wire accounted for only R51.5-million, with bars, rods, pipes and waste making up the bulk of shipments.

Most exports go to foundries in China, India, South Korea, the Middle East and Europe.

As strict laws carrying penalties of up to 10 years in prison govern the copper scrap trade, merchants are forced to keep detailed records of transactions. This includes recording the identities of people they buy material from and details of the goods acquired.

Currently, scrap copper fetches between R53 and R62 a kilogram, depending on the grade.