Korea Zinc, Australian government discuss critical minerals cooperation

Korea Zinc Chairman Choi Yun-birm, left, shakes hands with Australian Prime Minister Anthony Albanese at the Prime Minister’s Office in Canberra, Australia, Wednesday, to discuss potential cooperation on critical minerals. Courtesy of Korea Zinc

Korea Zinc said Friday that it has come to an agreement with the Australian government to strengthen communication and explore new opportunities for cooperation aimed at advancing critical minerals value chains and enhancing supply chain resilience.

According to the company, Chairman Choi Yun-beom met with Australian Prime Minister Anthony Albanese in Canberra on Wednesday to discuss ways to bolster Australia's critical minerals supply chain and improve the competitiveness of its smelting industry.

During the meeting, Choi introduced Korea Zinc's Project Crucible, a large-scale integrated smelter project currently under development in Tennessee.

Under the project, Korea Zinc plans to invest a total of $7.4 billion by 2029 to build an integrated smelting facility in Clarksville, Tennessee, capable of processing approximately 1.1 million tons of raw materials annually.

Choi explained that the project combines Korea Zinc's advanced smelting technology with policy support from the U.S. government to help establish a stable and secure critical minerals supply chain.

In response, Albanese described the initiative as a model that the Australian government could benchmark, adding that closer communication would be beneficial in addressing challenges facing Australia's smelting sector.

Korea Zinc has maintained a presence in Australia since establishing Sun Metals Corp. in 1996. Building on its smelting operations, the company has expanded its local business portfolio to include renewable energy and green hydrogen projects.

Referring to the company's long-term investment in the country, Albanese said Korea Zinc is one of the companies most aligned with the Australian government's resource and energy policy direction, according to Korea Zinc.

Choi highlighted the company's long-standing partnership with Australia, saying Korea Zinc has contributed to local industries and communities through continuous investment over the past three decades.

"Australia's abundant natural resources, combined with Korea Zinc's technological expertise and diversified business portfolio, will continue to generate significant synergies in the years ahead," he said.

A delegation of U.S. congressional staff members poses for a photo during a visit to Korea Zinc’s Onsan Smelter in Ulsan, June 18. Courtesy of Korea Zinc

The meeting came as Korea Zinc's role in global critical mineral supply chains is drawing increasing attention from U.S. policymakers.

A delegation of U.S. congressional staff members recently visited Korea Zinc's Onsan Smelter in Ulsan, a globally recognized hub for critical minerals production, underscoring the importance of Project Crucible and the need for deeper Korea-U.S. cooperation on supply chain security.

Korea Zinc said a seven-member delegation, consisting of staff from the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, the House Foreign Affairs Committee and military officials, toured the company's flagship smelting complex on June 18.

The visit was arranged at the request of the U.S. Congress and facilitated by the U.S. Embassy in Seoul, allowing policymakers to gain firsthand insight into the smelter’s refining technologies, production capabilities and competitiveness in critical mineral supply chains.

During the visit, the delegation received briefings on Korea Zinc’s business operations and global critical mineral supply chains before touring key production facilities.

The visitors showed particular interest in the smelter’s critical mineral production capabilities, as the U.S. seeks to reduce dependence on specific countries and strengthen supply chains centered on domestic production and trusted allies.