South Korea Lends Glencore $1B to Secure Copper Supply

On 17 August 2026, the South Korea Export-Import Bank (SKEXIM) and Glencore announced that they had come to an agreement, whereby the credit agency would provide a loan of USD one billion to Glencore, while Glencore would supply South Korea with #copper.

The Switzerland-based Glencore is one of the largest copper miners and commodity traders in the world. It operates some of the world’s largest copper mines in the Democratic Republic of Congo, Chile, and Peru. During 1H26, Glencore produced 397,000 tonnes of copper, up 15% from 1H25. Africa accounted for nearly 35% of its global output.

“Through this financing and our partnership with a company that has established a unique position in the global commodities market, we will be able to secure a stable supply of #CriticalMinerals for Korea’s advanced-industry supply chains. This financing is significant as a proactive economic security measure.”

SKEXIM Sposkersperson

It was not immediately made clear to what use Glencore will put the money to. In February 2026, Glencore provided Orion Minerals with a prepayment facility of USD 250 million to secure a share of its future production from its copper-zinc project in Prieska, South Africa.

South Korea has an 8% share of the global auto market with household brands such as Hyundai and Kia. Hyundai is the world’s 3rd largest automaker, behind Toyota and Volkswagen. As Electric Vehicles (#EV) need huge amounts of copper, a secure supply of this Critical Metal is essential to the development of the industry.