Korea Zinc plans $7.4bn US minerals refinery with Washington’s backing
Summary
Korea Zinc plans to build a $7.4 billion minerals refinery in the United States, with significant financial backing from the US government. This move is part of the US strategy to lessen its dependence on China for crucial minerals. The refinery will produce various metals, with operations expected to begin in 2029.Key Facts
- Korea Zinc is the world's largest zinc smelter.
- The US government will help fund Korea Zinc's $7.4 billion project in the US.
- Korea Zinc will sell $1.9 billion of new shares to a joint venture partly controlled by the US government.
- The US Department of Defense will own 40% of this joint venture.
- Korea Zinc will also receive $4.7 billion in loans and $210 million in subsidies from the US.
- The project includes buying mining complexes and a US zinc smelter in Tennessee.
- The new smelter is expected to produce 540,000 tonnes of metals annually.
- Full operations at the site are projected to start in 2029.
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