Jimmy Mengel,
Director of Customer Experience
Sept. 24, 2024
Under the cover of night, a group of thieves entered the Tweed Heads Cemetery in Southwestern Australia.
These men were not your graverobbers of yore who would unearth the dead to pilfer jewelry and other valuables buried alongside their deceased owners. These modern Australian thieves had a more modest target: the copper plaques that adorn the graves.
All told, over 100 plaques have been stolen from graves from that cemetery alone.
"Each plaque is around a kilo and half,” according to Tweed Shire Council spokesperson Shannon Carruth. ”So for the 103 plaques that were stolen, we estimate that it would be around $1,500, at the most, that it would be worth."
As disturbing as it is to desecrate graves for such a small return, the rising price of copper is turning metal theft into a big business opportunity – and some thieves are thinking far bigger than the graverobbers.
Nearly 300 fire hydrants have been stolen in Los Angeles County this year.
184 miles of copper have disappeared from streetlights in Las Vegas – cutting power to the lights and leading to automotive crashes and even pedestrian deaths.
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In Detroit, two men with headlamps and bolt cutters snipped away an entire EV charging station and hauled it off in a pickup truck. Dozens of other stations have been attacked for their copper cables, which can render the entire station useless for months.
Some of these criminals have taken their craft to even more dangerous and disruptive extremes…
An armed group of men stormed an electrical substation in South Africa and in a hail of gunfire murdered two guards while searching for – you guessed it – copper cable. They made off with a mere $1,600 in the deadly heist.
Perhaps the most brazen of the recent thefts ended up in a major catastrophe. Indiana native Daniel Tinney allegedly tampered with power equipment while stealing copper from a power station in Kentucky, when – due to Tinney’s actions – a powerful explosion rocked the building and left local residents without power for an extended period of time.
These incidents are too numerous to recount in these pages but, to be sure, they will continue.
There is one simple reason that these criminals are lusting for copper. The red metal has hit record highs this year with no sign of slowing down.
After reaching a record high of $5.18 per pound on May 20, and a 52-week low of $3.52 on October 23rd of last year, it has settled around $4.21 at the time of this writing – good for a 8.25% gain for the year.
Copper’s rise can be attributed to several factors. Copper is a critical component in several emerging industries like electric vehicles, data centers to process artificial intelligence, and the entire modern electrical grid itself.
“The world can’t get enough copper,’’ Karthik Valluru, global leader of Boston Consulting Group’s materials sector told the New York Times. “It is the most important metal when it comes to the energy transition.”
That is not hyperbole. The rise of AI infrastructure alone could drive copper demand through the roof. The largest mining company in the world, BHP (NYSE: BHP), just predicted a 72% increase in demand due to the AI boom.
“Today, data centers are less than 1 percent of copper demand, but that is expected to be 6 to 7 percent by 2050,” BHP’s chief financial officer Vandita Pant told the Financial Times. “There is a lot of copper in data centers.”
Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), Google (NASDAQ: GOOG), Amazon (NASDAQ: AMZN), Tesla (NASDAQ: TSLA), and Cisco (NASDAQ: CSCO) are in desperate need for more copper if they’re going to build the advanced computer chips, microprocessors, and data center equipment that’s powering the $4.4 trillion AI explosion.
That is a massive shift for demand for the metal, and supply is simply not able to keep up at this pace.
Last year, the global inventory in copper hit its lowest levels since 2008. Current projects are failing to keep up with growing demand. To squeeze supply further, new copper mines are not coming on nearly fast enough to keep up with that growing demand.
In order to meet it, mining companies need to start getting creative.
Thankfully, for the industry and investors, a new technology has now made it possible to pull copper straight out of the rock and turn it directly into sheets of 99.99% pure copper.
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This technology is so powerful that it can even pull copper out of low-grade rock that was once thought “impossible” to mine. The copper is extracted directly from the rock and put into perfect sheets that the tech industry can use right away.
That means there is a much easier – and far more lucrative – way to cash in on spiking copper prices than robbing graves and stripping EV charging stations. It comes in the form of a small company that is revolutionizing the way copper is extracted from the ground.
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Godspeed,
Jimmy Mengel
Director of Customer Experience, Daily Profit Cycle