Korea taps Glencore for copper supply with $1B loan deal

Korea’s Export-Import Bank will provide US$1 billion to Glencore, according to Bloomberg, backed by guaranteed copper supply for South Korean industrial firms. Glencore says its H1 adjusted EBITDA rose 86% to US$10.1 billion and net income was US$4.4 billion. Glencore also plans an ASX secondary listing and is negotiating to keep its Horne smelter running amid proposed arsenic-emission rules.

South Korea’s Export-Import Bank will provide a $1 billion loan to Glencore International AG, according to the lender, in return for copper supplies to Korean companies during the loan period. The bank said the funds will support Glencore’s general working capital but did not disclose volumes or terms. Copper prices are up about 15% in 2024, and Glencore shares rose 0.8% to 553.5 pence.

Vast Resources plc said it entered a loan agreement with Glencore International AG for a US$10 million term loan facility. US$4 million is restricted to project expansion at Aprelevka and US$6 million to working capital and debt repayment. Funds are subject to reverse takeover and admission becoming effective. Loan interest is SOFR plus 5% margin, reducing to 3.75% after qualifying events, and Glencore receives 10,000,000 warrants exercisable at 7.5p.

Export-Import Bank of Korea said it will lend $1 billion to Glencore International AG, a wholly owned Glencore subsidiary, in return for copper supply to South Korean companies during the loan period. The bank said funds will be used for general working capital. Copper demand tied to AI and electricity growth has lifted prices about 15% this year.

Korea Eximbank said it will provide $1 billion in financing to Glencore to secure stable copper supply for Korean companies. Glencore will use the funds for general operations and supply copper during the loan period, according to the bank. The lender cited Glencore’s global mines and trading network as backup supply if disruptions occur.

Glencore has joined a bid to recapitalize Sherritt International, a Canadian miner with a 50% stake in Cuba’s Moa nickel-cobalt venture, which includes the Fort Saskatchewan refinery in Alberta. The Financial Times says US sanctions expanded in May, disrupting operations and exposing Sherritt to early repayment of a $57m loan. Glencore’s consortium proposes at least 55% equity via a US vehicle, competing with Gillon Capital.