A single gigawatt-scale data centre campus can absorb thousands of tonnes of copper across busways, transformers, switchgear and interconnect. Multiply that by announced capacity across North America, Europe and the Gulf, and the incremental demand rivals a mid-sized national grid programme.
What makes this demand distinctive is its timing. Copper mine approvals made today produce metal in the mid-2030s. Data centre commitments made today consume metal within three years. That mismatch, more than any single project delay, is what tightens the balance late this decade.
The second-order effect is on firm power. Compute load does not tolerate intermittency, which is why nuclear power purchase agreements have re-entered the conversation — and with them, uranium.