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10 layers580 nodes2,376 dependencies9 chokepoints112 bottlenecks6,500+ companiesnode size = companies identified

Copper

BOTTLENECK

Codelco dominates copper supply where smelting margins already signal feedstock scarcity for AI infrastructure.

Copper ore extraction through refined cathode and rod production; the dominant electrical conductor across all AI compute infrastructure. Every data centre, grid connection, and chip interconnect depends on copper's conductivity. Smelting and refining margins signal feedstock scarcity; rod drawing adds limited value.

What the evidence shows

Lead times for new copper projects are around 17 years from discovery to production.

iea.org

Latin America held 43.37% of the global copper mining market in 2025.

fortunebusinessinsights.com

Asia-Pacific accounted for 70.30% of the copper market share in 2025.

mordorintelligence.com
RESCORED JUL 2026fragmentedlegacy12 companies

Who controls it

Codelco+11 more tracked
$321B market · 20245.2% CAGRsource

Where it sits in the stack

Takes in: Copper ore, sulphuric acid, energy

Sends on: Copper cathode (LME Grade A), copper rod, copper semi-fabrications

depends onSulphuric acidBulk and process chemicalsLime and limestoneMineral processing reagentsRecycling and secondary supply (cross-cutting)Water management
feeds intoCobaltIndium and tellurium (minor metals)Tungsten and molybdenum (refractory metals)Sulphuric acidRecycling and secondary supply (cross-cutting)Semiconductor manufacturing and supply chainSputtering targetsBonding wireLead framesRF power deliveryCompute hardware and componentsNear-line HDD and high-capacity mechanical storageThermal interface materials (TIMs) and vapour chambersInductors and magnetic components+9 more in the atlas

6 upstream · 23 downstream

view in atlas

Related nodes

AluminiumSteel and steel alloys

Full scorecard, owner shares, supply edges and the full tracked roster are in the desk letter.

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