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It’s Thursday!
Hello, Curse and Coffee friends,
Today, we explore Copper’s explosive future.
Hit reply and let us know what you think (we read all of your kind words).
Coffee at the ready…
The Big Sip
The take: The US sits on 48 million tons of copper reserves and takes 29 years to permit a single mine. It’s not a supply problem but a policy choice.
What happened: S&P Global warned Thursday that AI and defence spending will push global copper demand up 50% by 2040, with 10 million tons of annual demand going unmet.
Why it matters: A single hyperscale AI data centre uses more copper than a town of 10,000 homes. The Pentagon is ramping artillery shell production 13-fold. Both need the same metal. Yesterday.
What to watch: Whether copper makes the US critical minerals list in 2025. If it does, permitting could finally accelerate. If not, the 29-year timeline holds.
Dan Yergin's been calling copper "the metal of electrification" for three years. The permits haven't moved.
Sponsor Break
Before we slurp into today’s brew…
Here are some wordies from today’s sponsor.
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