Korea Eximbank to lend $1bn to Glencore for copper supply

Export-Import Bank of Korea will lend $1-billion to commodities giant Glencore in exchange for copper supply to South Korean companies, as the country seeks to secure raw materials needed for the artificial intelligence boom. The loan will be provided to Switzerland-based Glencore International AG, a wholly-owned subsidiary of Glencore, and the proceeds will be used for general working capital, the State-run Korean lender said in a statement on Monday. The bank said Glencore has agreed to supply copper to Korean companies during the loan period, without providing details.