Korea Secures Copper Supplies with $1 Billion Glencore Loan

Korea's Export-Import Bank has agreed to lend Glencore $1 billion in exchange for copper supplies. The loan is part of South Korea's efforts to secure a stable supply of critical materials, particularly copper, which is increasingly vital for artificial intelligence and power infrastructure.

The loan will be used for general working capital and supply copper to Korean companies during the loan period. This move underscores South Korea's push to strengthen economic security as rising investment in data centers, power grids, and renewable energy equipment drives demand for copper.

Copper prices have climbed about 15% this year, reaching near-record highs due to growing electricity demand and expansion of AI-related infrastructure. The deal links state-backed capital directly to physical supply at a time when governments are treating critical raw materials as an economic-security priority.