Overview
- Korea Zinc’s board cleared a roughly 10 trillion won plan to form a joint venture with U.S. government entities and defense companies to build a large nonferrous metals refinery.
- The company approved a 2.85 trillion won third‑party share issuance to the JV, with filings and reports outlining up to $4.7 billion in government‑backed loans and $210 million in Commerce Department subsidies.
- The facility is slated for Clarksville, Tennessee, through the takeover and redevelopment of Nyrstar’s site, with U.S. officials citing about 540,000 tons per year of output across metals such as zinc, lead, copper, antimony and germanium.
- Korea Zinc targets construction beginning in 2027 and phased commercial operations from 2029, and the Commerce Secretary said the United States will gain priority access to the company’s expanded global production starting in 2026.
- Major shareholders Young Poong and MBK Partners condemned the plan and said they will seek legal action to block the new share issue, while some financing and ownership details remain reported and subject to formal agreements and approvals.