Korea Zinc plans $7.4 billion US minerals refinery with Washington's backing

Korea Zinc on Monday announced a $7.4 billion smelter project that will be funded largely by the U.S. government as Washington pushes to cut its reliance on China for a range of critical minerals. Under the plan, Korea Zinc will sell new shares worth $1.9 billion to a joint venture controlled by the U.S. government and unnamed U.S.-based strategic investors, who would then control around 10% of the South Korean firm. The U.S. Department of Defense will hold a 40% stake in the venture, while Korea Zinc's stake will be less than 10%, the company said. Korea Zinc will secure...