Why the World Has Gone Cuckoo for Copper

The U.S. and China are competing to acquire the metal essential for EVs and data centers. It is also at the center of a $43 billion takeover battle.

After one of the world’s top copper producers recently hit a financial crunch, the Biden administration started huddling with potential investors about taking a stake in the company’s Zambian mines worth as much as $3 billion.

The search isn’t restricted to American companies, with entities from the United Arab Emirates, Japan and Saudi Arabia—all viewed as friendly to U.S. interests—expressing interest in the stake in First Quantum Minerals’ FM -2.85%decrease; red down pointing triangle assets, according to people familiar with the matter.