South Korea Commits US$1 Billion to Glencore as US-Backed Group Targets DRC Copper Mines
Competition for access to copper is intensifying as South Korea and the United States pursue different strategies to secure long-term supplies of the critical metal, with Glencore’s operations in the Democratic Republic of Congo (DRC) emerging as a key focus.
South Korea is preparing to provide US$1 billion in financing to Glencore in exchange for reliable copper supplies for Korean industries.
At the same time, a US-backed consortium is negotiating for a 40% interest in Glencore’s assets in the DRC, including Kamoto Copper Company (KCC) and Mutanda Mining.
The developments highlight the growing strategic importance of copper as countries seek to secure supplies needed for electrification, infrastructure, manufacturing and advanced technologies.
On 17 August 2026, the Korea Export-Import Bank (Korea Eximbank) agreed to provide Glencore with US$1 billion in working capital.
In return, Glencore will supply copper to Korean industrial companies for the duration of the financing arrangement.
Seoul views the agreement as part of its broader economic security strategy. Copper is essential to power grids, telecommunications, industrial equipment, transport systems and infrastructure supporting data centres and artificial intelligence.
The financing is designed to strengthen supply security by working with a diversified global producer capable of sourcing copper from multiple jurisdictions.
Importantly, the agreement does not specifically reserve copper from the DRC for South Korea.
Neither KCC nor Mutanda has been identified as the source of the copper to be supplied under the arrangement.
Glencore’s operations in countries including Chile and Peru provide additional sources of supply and allow the company to manage potential disruptions in individual markets.
The US strategy is taking a more direct approach to Glencore’s DRC assets.
A consortium backed by Washington is reportedly negotiating to acquire a 40% interest in Glencore’s holdings in KCC and Mutanda Mining.
The potential transaction would give the US-backed investors direct exposure to two major copper and cobalt operations in the DRC.
KCC operates the Kamoto mine in Lualaba Province and is one of the world’s significant copper and cobalt producers, while Mutanda is one of the DRC’s major cobalt-producing assets.
The negotiations reflect Washington’s growing interest in securing access to critical minerals needed for the energy transition, advanced manufacturing and strategic technologies.
The contrasting approaches adopted by South Korea and the United States demonstrate how the global copper market is evolving.
Rather than relying solely on conventional commodity purchases, governments and state-backed institutions are increasingly using project financing, long-term supply agreements and strategic equity investments to secure access to critical minerals.
For the DRC, the developments reinforce the country’s growing importance in global mineral supply chains.
The country is one of the world’s leading sources of copper and the dominant producer of cobalt, two minerals considered critical to electrification and modern industrial technologies.
The challenge for Kinshasa will be ensuring that growing international competition for its mineral resources translates into investment, employment, technology transfer, infrastructure development and greater value creation within the DRC.
As competition for copper intensifies, the country’s mines are increasingly becoming strategic assets in the economic and industrial policies of major global economies.
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