KB News Desk
The Export-Import Bank of Korea said Monday it would provide $1 billion in financing to Swiss commodities giant Glencore in return for a stable supply of copper to Korean companies.
Glencore operates mines and smelters that produce copper, zinc and nickel worldwide. Its trading network handles more than 60 commodities through long-term relationships with thousands of customers and suppliers.
The financing will support Glencore’s general corporate operations, while the company will supply copper to Korean businesses throughout the loan period, according to Korea Eximbank.
Copper is essential to strategic industries including artificial intelligence, renewable energy and power grids. Demand for the metal is rising as investment in data centers, electrification and energy infrastructure accelerates.
Korea Eximbank said Glencore’s diversified network of mines and trading partners, including those in Chile and Peru, could provide alternative supplies if production is disrupted.
The arrangement is expected to strengthen Korea’s procurement network for copper, for which it relies heavily on imports.
“By partnering with a leading global commodities company, we can secure a stable supply of key materials for Korea’s advanced industries,” a Korea Eximbank official said.
“This financing is significant as a proactive economic security measure.”
