The Export-Import Bank of Korea (Korea Eximbank) will provide $1 billion (about 1.4 trillion won) to global commodities firm Glencore. During the loan term, Glencore has agreed to reliably supply Korean companies with copper used in artificial intelligence (AI) and power grids.
The bank said on the 17th that it would provide $1 billion in working capital to Glencore.
Glencore operates mines and smelting facilities that produce copper, zinc and nickel across the world. It also runs a trading business handling more than 60 types of raw materials, built on long-term relationships with thousands of customers and suppliers.
Korea Eximbank expects the loan to strengthen the country's copper procurement base, which relies heavily on imports. Copper is used across industries including electricity, telecommunications, construction, machinery and transportation. Demand for copper is rising rapidly as AI data centers expand and the energy transition accelerates.
"Through a partnership with a company that has established an unrivaled position in the global commodities market, we have been able to secure key materials for our advanced-industry supply chain in a stable manner," a Korea Eximbank official said. "This is preemptive policy financing at the level of economic security."
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