The Export-Import Bank of Korea said on Monday it will provide a US$1bn loan to commodity trader Glencore to secure copper supplies for Korean firms. The loan will be made to Swiss-based, wholly owned unit Glencore International for general working c

2026-08-17

The Export-Import Bank of Korea said on Monday it will provide a US$1bn loan to commodity trader Glencore to secure copper supplies for Korean firms. The loan will be made to Swiss-based, wholly owned unit Glencore International for general working capital; Glencore has agreed to supply copper to Korean companies during the loan term but details were not disclosed. South Korea is heavily reliant on imported copper, and demand has risen on an AI data-center buildout and higher power needs. Copper prices are up about 15% year-to-date and near record highs. The bank said the financing is intended to stabilize critical raw-material supplies for Korea’s advanced industry supply chains.