Eurasian Resources Group Secures $150 Million Pre-Export Finance Deal with Glencore and Bank of China

Eurasian Resources Group (ERG), a Luxembourg-based diversified natural resources company, has announced a pre-export finance agreement with Glencore International AG and the London Branch of Bank of China Limited. This agreement will allow ERG to borrow up to $150 million, which will be used for working capital and other general corporate purposes.

The financing is supported by a supply agreement for copper cathodes produced by ERG's Metalkol facility in the Democratic Republic of the Congo (DRC). Nicolas Treand, CEO of ERG Africa, emphasized the significance of this partnership, noting that it will enable ERG to prioritize investments at Metalkol, contributing to regional economic development and promoting responsible mining practices across Africa.

Glencore's Head of Copper Marketing, Jyothish George, expressed satisfaction in partnering with ERG and Bank of China to support the ongoing supply of critical minerals like copper, which are essential for global markets. Mital Patel, Head of Structured Trade Finance at Bank of China, highlighted the transaction as a traditional pre-export structure, underscoring the importance of supporting a producer like Metalkol, which uses an environmentally friendly process by utilizing historic tailings as feed material.

The supply agreement is expected to reinforce ERG's portfolio of commercial contracts with global partners and support the growing demand for critical minerals needed for the green energy transition. As the DRC recently became the world's second-largest copper producer, this deal aligns with ERG's continued strategy to contribute to the country's economic growth.

ERG has a long-term commitment to the DRC, with ongoing investments in copper and cobalt assets. The finance facility will help sustain these investments in the Metalkol facility and the broader Kolwezi region. Metalkol has also undergone the Responsible Mineral Assurance Process, part of the Responsible Minerals Initiative, ensuring that its copper is sourced responsibly in accordance with international standards.