AI hot money floods upstream miners: Tech giants want to "invest" in Anglo American, BHP, and other mining companies to secure copper supply

According to Smart Finance APP, Duncan Wanblad, CEO of Anglo American (AAUKF.US), stated on Thursday that the company has held talks with several technology companies interested in taking a stake in the mining firm as a way to secure long-term metal supplies.

Wanblad told the UK Metals and Mining Summit that no such equity deals have yet been finalized, but “there are indeed some very deep expressions of interest, inclined to try to do this,” as “given the scarcity issue we've been talking about, a lot of people are trying to find ways to lock in supply.”

Technology companies make extensive use of copper, aluminum, steel, and various rare earth metals in manufacturing products and operating data centers that support artificial intelligence.

BHP (BHP.US) Chief Financial Officer Vandita Pant also said at the summit that the company is in talks with several hyperscale cloud service providers and is working with Amazon (AMZN.US) to help it acquire low-carbon copper, though equity investments are “another matter.”

“If you’re a customer, you’re looking for a supply you can rely on as very dependable,” Pant stated.

Wanblad also told the summit that if the European Union does not approve the plan to sell these assets to China Minmetals Resources (MMG), Anglo American will likely shut down its nickel business in Brazil.