For centuries, societies have prized gold and silver. Gold symbolises wealth and security. Silver also has practical uses. They are shiny. They are old. They are romantic.
Copper is none of those things.
It does not glimmer like gold or flash like silver. Yet as the world electrifies, digitises, and decarbonises, copper has quietly become indispensable. It carries electricity, data, and movement in the 21st century. That may make copper the most important metal of all.
Demand is rising rapidly. Supply, however, cannot keep pace. And the reason lies deep beneath the surface.
Copper Is Easy to Need and Hard to Produce
Copper conducts electricity better than nearly any alternative. That physical property makes it indispensable for electric motors, grid infrastructure, renewable energy systems, data centres, and electric vehicles (EVs).
An EV uses roughly 2.5 to 4 times more copper than a conventional internal combustion vehicle. If EV adoption continues in line with climate targets, copper demand from transportation alone could reach millions of additional tonnes per year over the coming decades.
Renewable energy infrastructure is even more copper-intensive than fossil fuel systems. Wind turbines, solar farms, substations, transmission lines, and grid upgrades all require substantial volumes of copper. Add to that the rapid expansion of data centres to support AI and cloud computing, and the structural increase in demand becomes clear.
The challenge is not finding uses for copper.
The challenge is producing enough of it — and quickly enough.
The Long Road from Discovery to Production
Unlike manufacturing industries that can expand output relatively quickly, mining operates on geological time.
From discovery to production can take ten to twenty years, sometimes longer. The process typically involves:
Geological exploration and drilling
Feasibility studies and economic modelling
Environmental impact assessments
Community consultation and permitting
Securing billions in financing
Construction of the mine and processing facilities
Infrastructure development (roads, water, power)
Each stage is capital-intensive, highly regulated, and often politically sensitive.
Even after production begins, challenges remain. Many of the world’s largest copper mines are ageing. Ore grades — the amount of copper contained in each tonne of rock — have been declining for decades. Lower grades mean more material must be processed to produce the same amount of metal, increasing costs and energy use.
In addition, copper production is geographically concentrated. A significant proportion comes from a small number of countries, making supply vulnerable to political shifts, labour disputes, regulatory changes, and environmental constraints.
In short, copper supply cannot respond quickly.
When Structural Demand Meets Structural Constraint
Markets for raw materials typically move in cycles. Demand rises, supply increases, prices fall, investment slows, and the cycle repeats.
Copper today looks different.
Demand growth driven by electrification and digital infrastructure is not merely cyclical — it is structural. It reflects long-term transitions in how societies generate power, move people, and process information.
Yet supply expansion requires multi-year timelines, vast capital, regulatory approvals, and geological luck.
When fast-moving demand meets slow-moving supply, the result is often sustained tightness in the market.
This is why governments care about copper. It underpins energy security, industrial capacity, and digital resilience. In other words, modern economies depend on it. It is no longer just an industrial input; it is a strategic resource.
From Industrial Metal to Strategic Asset
As copper’s strategic importance increases, so too does interest in gaining exposure to it.
Traditionally, investors have accessed copper through mining equities, commodity funds, or futures markets. Today, innovations such as commodity-backed digital assets like TCu29 offer a different route — enabling participation without operating a mine or storing physical metal.
In a world driven by electrons, copper is not merely functional. It is foundational. And because it takes so long to bring new copper supply online, that foundation cannot be rebuilt overnight.
TCu29 makes copper accessible to more people.
Copper is currency.
Further Reading
International Energy Agency - Global Critical Minerals outlook 2025
World Bank - Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition
https://documents1.worldbank.org/curated/en/099052423172525564/pdf/
P16627806f5aa400508f8c0bdcba0878a3e.pdf
S&P Global - Copper in the Age of AI: Challenges of Electrification
