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On Monday, the Export-Import Bank of Korea announced in a statement that it will provide a $1 billion loan to global commodities giant Glencore in exchange for its supply of copper to Korean companies. As the artificial intelligence industry continues to thrive, South Korea is seeking to secure supplies of critical raw materials. This loan will be offered to Glencore International, a wholly-owned subsidiary based in Switzerland, and the funds will be used for general working capital. The bank stated that Glencore has agreed to supply copper to Korean companies during the loan period, but did not disclose specific details. South Korea is heavily dependent on imported copper, and with the surge in demand for copper driven by the artificial intelligence data center boom and increasing electricity needs, copper prices have risen by about 15% this year and are currently near historic highs. An official from the Export-Import Bank of Korea stated, "Through this financing and by establishing a partnership with a company that has a unique position in the global commodities market, we will be able to ensure a stable supply of critical raw materials for Korea's advanced industry supply chain."