Seoul: Korea Zinc Co., the world's largest refined zinc smelter, announced a partnership with a U.S. company, Alta Resource Technologies, to address concerns over global supply chain security for rare earth materials.
According to Yonhap News Agency, the two companies will establish a joint venture in the United States to process end-of-life permanent magnets into purified rare earth oxides.
The joint venture plans to construct a facility capable of processing 100 tons per year at an existing site operated by PedalPoint, Korea Zinc's U.S.-based resource recycling subsidiary. The facility aims to commence operations in 2027. Korea Zinc Chairman Choi Yun-beom highlighted the significance of this cooperation, stating it as a pivotal development in the rare earths sector, reinforcing the Korea-U.S. critical minerals supply chain.
Korea Zinc will play a crucial role in providing a stable supply of rare earth elements to industrial companies in Korea and the U.S. The company has committed to investing $7.4 billion to build a smelter in Tennessee, with operations expected to begin in 2029. Alta CEO Nathan Ratledge emphasized the collaboration's potential, noting that Korea Zinc's recycling feedstock and global expertise, combined with Alta's separation technology, would meet the needs of American manufacturers using available materials.