Glencore Secures $1 Billion Loan for Copper Supply to South Korea

Korea Eximbank is lending $1 billion to commodities giant Glencore in exchange for copper supply to South Korean companies. The loan will be provided to Glencore International AG, a wholly-owned subsidiary of Glencore, and the proceeds will be used for general working capital.

The loan comes as South Korea seeks to secure raw materials needed for the artificial intelligence boom, which has driven up demand for copper. According to Eximbank, copper imports are crucial for power grids, data centers, and renewable energy equipment.

An official at Eximbank described the move as 'preemptive' from an economic-security perspective, allowing South Korea to secure a stable supply of key materials for its advanced-industry supply chains. Glencore is one of the world's biggest copper miners and commodity traders.