This is an exceptionally well synthesized weekly wrap. The Qatar-Ivanhoe piece is the headline for me. When sovereign wealth starts committing that kind of capital to copper assets, it's not speculation, it's strategic positioning. The scale of that investmnt ($500M into a single miner) tells you they've done the work on copper fundamentals and don't see a way around exposure. The data center copper demand angle is also underappreciated. Everyone talks about EVs and grids but AI infrastructure is quietly becoming a massive draw on copper. 30,000 tonnes per hyperscale facility is staggering when you think about the buildout pipeline. Your point about small caps with credible projects becoming acquisition targets is spot on. The majors and sovereign funds are hunting for assets becaus discovery rates have been dismal for a decade. Really appreciate the depth here, lot of connective tissue between macro themes and small cap opportunties. Great work.
This is an exceptionally well synthesized weekly wrap. The Qatar-Ivanhoe piece is the headline for me. When sovereign wealth starts committing that kind of capital to copper assets, it's not speculation, it's strategic positioning. The scale of that investmnt ($500M into a single miner) tells you they've done the work on copper fundamentals and don't see a way around exposure. The data center copper demand angle is also underappreciated. Everyone talks about EVs and grids but AI infrastructure is quietly becoming a massive draw on copper. 30,000 tonnes per hyperscale facility is staggering when you think about the buildout pipeline. Your point about small caps with credible projects becoming acquisition targets is spot on. The majors and sovereign funds are hunting for assets becaus discovery rates have been dismal for a decade. Really appreciate the depth here, lot of connective tissue between macro themes and small cap opportunties. Great work.