Australia clamps down on copper thefts as dizzying rally powers metal to ‘new oil’ status
- Three contractors were charged for allegedly stealing over US$1.6 million worth of metal cables as they tried to cash in on a profitable black market for the commodity
- Skyrocketing prices and expected supply constraints have turned copper into a magnet for pilferers swiping the alloy from housing estates to railroads
Australian police charged three building contractors on Tuesday for allegedly stealing copper cables worth more than A$2.5 million (US$1.6 million) as soaring metal prices and a looming supply shortage fuel a lucrative black market for the commodity.
The defendants were accused of selling the pilfered materials to unauthorised scrap metal merchants since February.
Police also found bundles of stolen copper cables at scrapyards and other locations in the greater Sydney area.
The theft case highlights the booming demand for copper after it surged past US$10,000 a tonne for the first time in two years, driven by tightening supply.
Metal-looting is on the upswing globally, thanks to spike in costs particularly of those linked to the green transition such as electric vehicle manufacturing.
Alongside nickel and lithium, copper is used in EV batteries and charging stations. It is also a key component in electrical equipment such as wiring and motors.
