"It's a very simple story. From developing a new mine to producing copper, it takes about 12 years. Meanwhile, you'll see a surge in electric vehicles, power grids, data centers, and something you might not even imagine—military munitions. These missiles contain a significant amount of copper. Add to that the increasingly heated global situation, and we believe the supply and demand dynamics will be quite dramatic over the next five to six years." Over the next 20–30 years, copper demand will surge, driven by the AI boom, energy transition, and increasing defense spending; while supply is rapidly contracting due to factors such as aging mines, lengthy approval processes, and declining ore grades. Copper is standing at the starting point of a multi-decade bull market.