Fuel Shortage Brings Forward Bisha Maintenance; Concentrate Deliveries Face Delays

Every AI data center requires substantial power, and essentially all of that power moves through copper. Data compiled by MINING indicates that a data center uses roughly 20 to 40 tonnes of copper for each megawatt of power. This copper intensity means the rapid build-out of AI computing clusters and hyperscale facilities is translating directly into additional refined copper consumption. The metal is used in cables, busbars, transformers, switchgear and other power-distribution equipment, making data-center construction a visible source of incremental demand. The article discusses generating monthly income via NYSEARCA:IYM, but its central premise remains the AI-driven copper trade. For the copper supply chain, demand is dispersed across end users, yet per-project volumes are large enough to support refined copper consumption expectations.

Trump's tariff threat has pushed US copper inventories above 1 million tonnes without public spending, concentrating about 70% of known world stocks in COMEX warehouses and lifting prices despite a global surplus. Shippers moved metal to the US after a February tariff study, driving COMEX copper to a record 6.83 USD/lb (15,057 USD/tonne) on September 22. The COMEX-LME spread peaked above 3,000 USD/tonne in July and is now near 310 USD/tonne, weakening arbitrage incentives. Commerce was due to report by June 30, letting Trump decide on a 15% refined copper import tariff from January 1, 2027, rising to 30% in 2028; no decision has come. Macquarie puts total US copper stocks near 1.6 million tonnes, with COMEX inventories up about 750% to over 714,000 tonnes.

Tartana Minerals is in talks with Mt Garnet Mineral Finance Pty Ltd (MGMF), mortgagee in possession of Aurora Metals Ltd (in liquidation), to gain access to the Mungana processing plant. If agreed, Tartana could treat its copper ore at the plant, which has a nameplate capacity of 600,000 tpy. Feed would come from opencast mining of its 45,000 tonnes contained copper resource at 0.45% Cu, open at depth and targeted by drilling to exceed 100,000 tonnes. Managing Director Dr Stephen Bartrop said three years of work have defined the open-pit copper and zinc resources and metallurgical testwork for flotation. Mungana's chequered history reflected unsustainable underground ore supply, a constraint the open pit can remove, though the plan remains subject to conditions precedent.