Copper
Focused on extraction and refining, this industry produces a highly conductive metal that serves as a critical component for electrical grids, wiring, and renewable energy infrastructure.
Why it exists
Copper miners and processors exist to provide a highly conductive metal that’s central to electricity and electronics.
Why it’s necessary
Copper is the circulatory system of the electric world: power grids, motors, EVs, electronics, and industrial equipment all depend on it.
Key components
Copper ore mines (open-pit or underground)
Concentrators and smelters
Refineries producing cathode
Scrap collection and recycling
How to evaluate businesses
Grade and life of mine are key. Evaluate cost per pound (C1 cash cost), jurisdiction risk, capital needs for expansion, and exposure to by-products (gold, moly). For refiners and fabricators, look at capacity utilization and position in the value chain. Copper is cyclical but with structural demand growth from electrification.
How the industry could be improved
Faster permitting with strong environmental standards, better ore-body modeling and mine automation, improved water management, and higher recycling rates. Closer coordination between miners and grid/EV manufacturers to match long lead times with demand.