Ulsan, South Korea – Following a recent extraordinary shareholders' meeting focused on internal cohesion and productivity enhancement, Korea Zinc is doubling down on its efforts to secure strategic mineral production. Lee Jae-joong, Vice Chairman and Chief Technology Officer (CTO), recently visited the company's Onsan smelter in Ulsan to inspect the production of these critical materials.
The visit comes as China's recent export controls on five key rare earth minerals have sent ripples through global industries, prompting concerns about supply chain disruptions. Korea Zinc is taking proactive steps to minimize potential impacts on domestic industries.
With the newly enacted National Resource Security Special Act emphasizing the importance of securing core minerals, Lee's visit underscores the company's commitment to aligning with government policy and adapting to the evolving global landscape.
During his visit, Lee met with key researchers and employees at the Onsan smelter, urging them to maximize production of strategic resources and ensure a stable supply to domestic industries. He stressed the importance of continuous improvement in rare metal recovery rates and process efficiency.
"In the midst of rapidly changing international affairs, the importance of safeguarding resource security is growing," Lee emphasized. "Korea Zinc must fulfill its role as a backbone of national key industries, ensuring supply chain stability and contributing to national interests."
Lee also received an update on the development of a circular resource processing facility, a 124.1 billion won investment. This facility will process secondary copper materials, including printed circuit board (PCB) scrap and copper wire, with the goal of producing 35,000 tons of secondary battery materials annually by 2026.
Korea Zinc is a key producer of several of the minerals affected by China's export controls, including indium, bismuth, and tellurium. The company supplies approximately 11% of the global indium demand, making it a crucial player in the supply chain for displays, touchscreens, and solar panels.
As global demand for these strategic minerals continues to grow, Korea Zinc's efforts to enhance production and secure supply chains are vital for both the company and the broader South Korean economy.
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