Copper prices have rallied significantly this year, climbing about 30% on U.S. metal exchanges. Currently, the price stands at nearly $12,000 a ton. This high cost of the metal has attracted plenty of unwanted attention from thieves. The thieves have been vandalizing and making away with copper from electrical grid lines, telecommunication networks and from anywhere else that they can access the red metal for resale to recyclers and scrap metal buyers.
The effects of these thefts are being felt in multiple ways; people making 911 calls have reported not going through because phone lines have been cut, bridges and roads have gone dark because the copper wiring supplying them with electricity has been cut and stolen, and utility bills are rising as utility companies pass on the high cost of replacing stolen copper wires.
According to the NCTA, an internet and TV industry trade group, communication networks in the U.S. have suffered at least 15,000 attacks from June last year to June this year, with the bulk of those attacks involving copper theft. At least half of those incidents happened in Texas and California, the NCTA revealed.
What is happening in Los Angeles, California, exemplifies the devastating effect of copper theft. In 2022 when the Sixth Street Bridge was built, it immediately became a major landmark in the state due to the iconic shifting lights that mesmerized viewers at night. Barely three years down the road, the bridge has gone dark because the equivalent of seven miles of copper wiring has all been stolen. The damage is estimated to be in the $2.5 million range.
Copper theft incidents happen on a daily basis not just in Los Angeles but across the country. The thieves have become so brazen that they strike even during the day and they use tactics like climbing atop vehicles to cut telephone lines on streets or even break into manholes to access telecommunication and electrical utility cables.
AT&T reveals that it incurred costs amounting to $60 million in 2024 to fix damage caused by copper theft. The firm is so desperate that they announced rewards reaching $20,000 to people who can give them information about theft of their copper wires.
If predictions about increasing prices of copper in the coming years come to pass, there is no telling what toll copper wire theft will exert on grids and telecommunication systems.
On the copper production front, the fortunes of exploration firms like Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are looking up as investors seek to get exposure to this metal that is set to play an ever-increasing role in the construction of AI data centers, electric vehicles and a variety of consumer goods.
NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF
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