$1 Billion Loan Tied to Stable Copper Supply for Korean Companies

The Export-Import Bank of Korea has agreed to provide Glencore with $1 billion in working-capital financing, equivalent to around 1.4 trillion won. This loan is tied to a stable copper supply for Korean companies over the life of the loan.

The agreement aims to strengthen South Korea's copper procurement base at a time when the country remains heavily dependent on imported raw materials. Copper is becoming increasingly important to South Korea's industrial and energy strategy, with demand rising from artificial intelligence data centres and clean-energy infrastructure.

Glencore's global mining, smelting, and trading footprint gives it significant reach across the copper supply chain. The company has agreed to maintain a stable flow of copper to Korean buyers in return for the financing.