Major technology companies are exploring direct investments in mining operations to secure long-term supplies of copper and other critical raw materials, while government-backed stockpiling programmes are reshaping physical metal trade.
Anglo American chief executive Duncan Wanblad said technology groups had expressed interest in acquiring equity stakes in mining assets rather than relying exclusively on procurement contracts. No binding transactions or investment commitments have been announced.
Potential financing structures include minority equity investments, advance payments and long-term offtake agreements. These could provide miners with additional capital while helping technology companies secure supplies for data centres, artificial intelligence, electricity grids and electrification.
Copper demand drives new financing models
Copper is central to the trend because of its role in electricity infrastructure, renewable energy, electric vehicles and data centres. However, new mine development remains constrained by lengthy permitting procedures, high capital costs and declining ore grades at mature operations. Direct investment could help developers secure financing years before production begins. Selling equity may reduce miners’ exposure to future commodity-price gains, while long-term offtake agreements can limit commercial flexibility. Technology companies would also need to assess geological, construction, permitting and political risks.
Anglo American is undergoing a strategic restructuring that includes its proposed combination with Teck Resources, valued at approximately €43 billion equivalent. The company also faces uncertainty over its Brazilian nickel assets, with potential closures if European regulators block their proposed sale to China’s MMG.
Mercuria delivers 12,000 tonnes of Congolese copper to US
Swiss commodities trader Mercuria has delivered 12,000 tonnes of copper from the Democratic Republic of Congo (DRC) into a US strategic stockpiling programme, marking the first reported physical shipment under the initiative. Mercuria previously committed approximately €430 million equivalent to the programme, which forms part of a broader financing structure expected to mobilise around €10.3 billion equivalent through US Export-Import Bank support and private capital.
Congolese state miner Gécamines has outlined plans to direct approximately 100,000 tonnes of copper from its share of production at the Tenke Fungurume operation to the United States during 2026. Mercuria is providing financing and logistics support. The shipment marks a shift from financing commitments to physical metal accumulation, combining government-backed funding, private trading capital and African mine supply.
Strategic stockpiling intensifies competition for copper
The US initiative coincides with European efforts to secure copper and other strategic materials through domestic mining, recycling, overseas partnerships and investment under the Critical Raw Materials Act.
Demand from electricity grids, renewable energy, electric vehicles, data centres and defence applications is increasing, while developing major new mines can take more than a decade. Strategic stockpiling adds demand driven by supply security rather than immediate industrial consumption.
Commodity traders can support these programmes through pre-financing, logistics, warehousing and established relationships with producers. Long-term supply commitments may also improve sales certainty for mining companies and state-owned producers.
For European manufacturers, growing US and Chinese efforts to secure African copper could increase competition for freely traded supplies. This may encourage the EU to participate more directly in mine financing and long-term offtake agreements. Although the initial 12,000-tonne delivery is small relative to global copper demand, the planned 100,000-tonne Congolese supply flow highlights how government-backed mineral security programmes could increasingly influence physical copper trade.
