Reference News Network, January 16 report, according to the Yonhap News Agency on January 13, as global supply chain security issues have become increasingly prominent, the world's largest refined zinc producer, Korea Zinc Company, announced on the 13th that it has reached a cooperation with an American company to ensure the supply of rare earth materials.
The company stated in a press release that according to the cooperation agreement, Korea Zinc will establish a joint venture with Altura Resources Technology Company in the United States to process scrap permanent magnets into purified rare earth oxides.
According to the press release, the aforementioned joint venture plans to build a processing facility with an annual capacity of 100 tons at the existing site operated by "Pedal Point" company, which is a wholly-owned resource recycling subsidiary of Korea Zinc in the United States. The goal is to start operations in 2027.
Korea Zinc Chairman Choi Yun-bum said: "Implementing our plan to build a smelting plant in the United States will become a core pillar of the South Korea-US critical mineral supply chain. This collaboration between the two companies marks an important milestone in the rare earth industry."
He added that Korea Zinc will become a reliable supply chain partner, ensuring a stable supply of rare earth elements to advanced industries in South Korea and the United States.
The company plans to invest 7.4 billion US dollars to build a smelting plant in Tennessee, southeastern United States, and put it into operation in 2029.
Nathan Rattlidge, co-founder and CEO of Altura Resources Technology, said: "Korea Zinc has the resources for recycling raw materials and global professional technology; we have the separation technology specialized in dealing with complex mixtures in used magnets. Through cooperation, we will be able to utilize locally available raw materials in the United States to produce rare earth oxides required by American manufacturers." (Translation / Hu Wei)
Original: toutiao.com/article/7595907515368473134/
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