"Korea Zinc will start the project by acquiring two mining complexes and the only US zinc smelter, which is in Tennessee. Korea Zinc, the world's largest zinc smelter, has announced a $7.4bn smelter project that will be funded largely by the United States government as Washington pushes to cut its reliance on China for a range of critical minerals. Under the plan, which the company announced on Monday, Korea Zinc will sell new shares worth $1.9bn to a joint venture controlled by the US government"
"The US Department of Defense will hold a 40 percent stake in the venture while Korea Zinc's stake will be less than 10 percent, the company said. Korea Zinc will secure the remaining $5.5bn for the plant through $4.7bn in loans from the US government and financial institutions as well as $210m in subsidies from the US Department of Commerce under the CHIPS and Science Act."
Korea Zinc will sell $1.9bn in new shares to a US government-controlled joint venture and unnamed US-based strategic investors who would then control about 10 percent of the firm. The US Department of Defense will hold a 40 percent stake while Korea Zinc's stake will be under 10 percent. Korea Zinc will secure the remaining $5.5bn via $4.7bn in loans and $210m in CHIPS and Science Act subsidies. The company will acquire two mining complexes and Nyrstar's Tennessee smelter and construct an integrated facility in the state.
Read at www.aljazeera.com
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