Korea Zinc's Project Crucible fills critical gap in US minerals supply chain

Korea Zinc’s Project Crucible is moving ahead in Tennessee as a proposed $7.4 billion integrated smelter and critical minerals processing facility backed by the U.S. government and private investors. The project is meant to help close a U.S. critical minerals processing gap and reduce dependence on China. It has also become part of Korea Zinc’s ownership dispute, with MBK Partners and Young Poong first opposing the financing plan and later publicly supporting the project.

The facility is planned for Clarksville, Tennessee, on the site of an existing zinc smelter Korea Zinc acquired from Nyrstar earlier this year.

Production is scheduled to begin in 2029, with all processes targeted to be fully operational in 2030.

The project is expected to produce 12 types of nonferrous metals, including 11 minerals designated as critical by the U.S. government, plus semiconductor-grade sulfuric acid.

The U.S. Department of Commerce has committed up to $210 million in government funding, and the Department of Defense and other financial institutions are arranging up to $4.7 billion in debt financing.

Crucible JV acquired 2.21 million newly issued Korea Zinc shares, giving it a 10.59 percent stake in the company.

Published Sep 23, 2026 9:45 am KST

Company's refining technology targets key U.S. weakness in critical mineral processing

Korea Zinc Chairman Choi Yun-birm, second from left, tours the site for the company's planned integrated smelter in Tennessee, May 17. Courtesy of Korea Zinc

Korea Zinc Chairman Choi Yun-birm was a relatively small player among the Korean business leaders who gathered in Washington last year for a presidential summit, which included much larger groups such as Samsung, SK and Hyundai Motor Group.

But Choi brought something increasingly relevant to Washington: critical minerals.

Rather than focusing primarily on investment or manufacturing, Korea Zinc highlighted its decades of experience in refining a wide range of non-ferrous metals and recovering multiple critical minerals from raw materials and smelting byproducts — a capability that addresses a key weakness in the U.S. critical minerals supply chain: limited domestic processing capacity.

Four months later, Korea Zinc unveiled Project Crucible, a proposed $7.4 billion integrated smelter and critical minerals processing facility in Tennessee, backed by the U.S. government and private investors.

The facility is designed to produce 12 types of nonferrous metals, including 11 designated as critical minerals by the U.S. government, as well as semiconductor-grade sulfuric acid. Production is scheduled to begin in 2029, with all processes targeted to be fully operational in 2030.

The company plans to build a facility roughly half the size of its Onsan smelter in Ulsan, with annual production capacity of about 540,000 metric tons.

The project’s significance lies in the processing capabilities it would bring to the U.S. at a time when Washington is seeking to reduce its dependence on China for critical minerals.

A view of the Project Crucible site, where Korea Zinc is building an integrated smelter with the U.S. government in Clarksville, Tenn. / Courtesy of Korea Zinc

Korea Zinc’s integrated smelting technology allows multiple metals to be recovered from complex raw materials and smelting byproducts, enabling a single processing base to produce a range of critical minerals.

China dominates production of several of these materials, accounting for 99 percent of global gallium production, 70 percent of refined indium and 86 percent of refined bismuth in 2024, according to the U.S. Geological Survey.

Gallium, germanium and indium are used in semiconductors and other advanced technologies, while antimony has applications in defense and energy.

The U.S. is heavily dependent on imports: it was 100 percent reliant on imports for gallium and 85 percent for antimony in 2024, with China supplying 19 percent and 54 percent of U.S. consumption, respectively.

That combination of concentrated production and limited domestic processing has made refining capacity a strategic priority for Washington, creating an opening for Korea Zinc’s multi-metal processing expertise.

Project Crucible is being developed on the site of an existing zinc smelter in Clarksville, Tennessee, which Korea Zinc acquired from Nyrstar along with related companies earlier this year.

The company officially launched the project at the site in April and plans to expand the existing industrial infrastructure to develop the new multimetal processing complex.

Washington has backed the project with substantial financial and institutional support.

The U.S. Department of Commerce has committed up to $210 million in government funding, while the Department of Defense and other financial institutions are providing or arranging up to $4.7 billion in debt financing.

The U.S. government has also taken an equity position in Korea Zinc through Crucible JV, a U.S. government-led joint venture established to support the project. Crucible JV acquired 2.21 million newly issued Korea Zinc shares, giving it a 10.59 percent stake in the company.

Members of a U.S. congressional staff delegation pose with Korea Zinc officials during a visit to the company's Onsan smelter in Ulsan, June 18. Courtesy of Korea Zinc

In announcing the project, Commerce Secretary Howard Lutnick described it as a major step in strengthening U.S. critical mineral security.

“The project being pursued in Tennessee by Korea Zinc is a transformational deal that will change the critical minerals landscape in the United States,” Lutnick said.

The U.S. government’s decision to include Project Crucible in the FAST-41 permitting framework marked the first such case involving a Korean company. The framework coordinates federal permitting for major infrastructure projects and is intended to make the review process more predictable.

The project also cleared a key environmental review earlier this month after the U.S. Department of War completed its final environmental assessment and determined that it would have no significant environmental impacts. Tennessee officials have presented the project as an economic security investment.

"Project Crucible is a generational investment that creates new opportunities for Tennessee families and helps secure the critical capabilities America needs to compete on the world stage,” Sen. Marsha Blackburn of Tennessee said during her visit to the site in July. “It is a vitally important project for Tennessee's continued growth."

For Korea Zinc, the project means more than an overseas investment. The company sees it as a strategic initiative that could expand its global production footprint, serving as a turning point in expanding its business beyond its existing production base.

“Through this, we expect the project to serve as a turning point for Korea Zinc to become a platform company in the global advanced materials industry,” the company official said.

U.S. Senator Marsha Blackburn of Tennessee, right, meets with Korea Zinc and other Project Crucible officials during a visit to the project's site in Tennessee, July 11 (local time). Courtesy of Korea Zinc

The project could also deepen the economic security partnership between Korea and the U.S. by establishing an additional production base for materials used in advanced industries and diversifying critical mineral supply chains.

Project Crucible has gained backing in Washington and Tennessee, but it has also become entangled in a long-running ownership dispute at Korea Zinc.

The project’s growing profile in the U.S. has also drawn attention from Korea Zinc’s largest shareholder group, MBK Partners and Young Poong.

The group initially opposed the project, arguing that the planned issuing of new rights to fund the U.S. investment was not in the company’s interests. The group filed an injunction seeking to block the issuance, but the Seoul Central District Court rejected the request in December last year, allowing the project to move forward.

The dispute has since taken an unusual turn in the U.S. In July, MBK and Young Poong hosted a reception to introduce Project Crucible to local figures in Nashville, presenting themselves as the company’s largest shareholder group and expressing their support for the project.

Korea Zinc said it viewed the move as unexpected, given the group’s earlier opposition to the project and its concerns over the planned investment. The company subsequently filed a police complaint, alleging that the group had created the impression that it was an official participant in the project. MBK Partners and Young Poong have said their activities were legitimate shareholder actions.

The ownership dispute has not altered the broader rationale behind Project Crucible in Washington.

The Center for Strategic and International Studies has described the project as an example of the U.S. and Korea building a shared critical minerals ecosystem, arguing that the alliance is moving beyond trade toward a shared “industrial architecture.”

That alignment — between Korea Zinc's ability to recover multiple metals and Washington's need to close a critical processing gap — has transformed Project Crucible from a corporate expansion plan into a strategic U.S.-Korea supply-chain project.

韩国锌业的“坩埚项目”（Project Crucible）正在田纳西州推进，该项目拟投资74亿美元，建成一座集冶炼和关键矿物加工于一体的综合设施，并获得了美国政府和私人投资者的支持。该项目旨在弥补美国关键矿物加工能力的缺口，并降低对中国的依赖。然而，该项目也卷入了韩国锌业的股权纠纷，MBK Partners和永丰集团最初反对该融资方案，但后来又公开表示支持该项目。

该设施计划建在田纳西州克拉克斯维尔，位于韩国锌业公司今年早些时候从 Nyrstar 收购的现有锌冶炼厂旧址上。

生产计划于 2029 年开始，所有流程的目标是在 2030 年全面投入运营。

该项目预计将生产 12 种有色金属，其中包括美国政府指定的 11 种关键矿物，以及半导体级硫酸。

美国商务部已承诺提供高达 2.1 亿美元的政府资金，国防部和其他金融机构正在安排高达 47 亿美元的债务融资。

Crucible JV 收购了新发行的 221 万股韩国锌业股份，使其持有该公司 10.59% 的股份。

发布于2026年9月23日上午9:45（韩国标准时间）

该公司的精炼技术旨在弥补美国在关键矿物加工方面的主要弱点。

5月17日，韩国锌业董事长崔允范（左二）视察了该公司计划在田纳西州建设的综合冶炼厂厂址。图片由韩国锌业提供。

韩国锌业董事长崔允弼在去年齐聚华盛顿参加总统峰会的韩国商界领袖中只是个相对较小的人物，而与会的还有三星、SK集团和现代汽车集团等规模更大的企业集团。

但崔为华盛顿带来了一些越来越重要的东西：关键矿产。

韩国锌业并没有主要关注投资或制造，而是强调其数十年来在提炼各种有色金属以及从原材料和冶炼副产品中回收多种关键矿物方面的经验——这种能力解决了美国关键矿物供应链的一个关键弱点：国内加工能力有限。

四个月后，韩国锌业公司公布了“坩埚项目”，这是一个拟建于田纳西州、耗资 74 亿美元的综合冶炼厂和关键矿物加工厂，该项目得到了美国政府和私人投资者的支持。

该工厂设计生产12种有色金属，其中包括11种被美国政府指定为关键矿产的金属，以及半导体级硫酸。工厂计划于2029年开始投产，所有工艺流程预计将于2030年全面投入运营。

该公司计划在蔚山建造一座规模约为其温山冶炼厂一半的工厂，年产能约为 54 万吨。

该项目的意义在于，在华盛顿寻求减少对中国关键矿产依赖之际，它将为美国带来加工能力。

这是位于田纳西州克拉克斯维尔的“坩埚项目”工地现场照片，韩国锌业公司正在与美国政府合作建设一座综合冶炼厂。/ 图片由韩国锌业公司提供

韩国锌业的一体化冶炼技术能够从复杂的原材料和冶炼副产品中回收多种金属，使单一加工基地能够生产一系列关键矿物。

据美国地质调查局称，中国在几种此类材料的生产中占据主导地位，到 2024 年，中国将占全球镓产量的 99%，精炼铟产量的 70%，精炼铋产量的 86%。

镓、锗和铟用于半导体和其他先进技术，而锑则在国防和能源领域有应用。

美国严重依赖进口：到 2024 年，美国 100% 依赖进口镓，85% 依赖进口锑，其中中国分别供应了美国消费量的 19% 和 54%。

由于生产集中且国内加工能力有限，精炼能力成为华盛顿的战略重点，这为韩国锌业的多金属加工技术创造了机会。

“坩埚项目”正在田纳西州克拉克斯维尔现有的一座锌冶炼厂旧址上开发，该冶炼厂及相关公司是韩国锌业公司今年早些时候从 Nyrstar 收购的。

该公司于今年 4 月正式启动了该项目，并计划扩建现有的工业基础设施，以开发新的多金属加工综合体。

华盛顿方面为该项目提供了大量的资金和机构支持。

美国商务部已承诺提供高达 2.1 亿美元的政府资金，而国防部和其他金融机构正在提供或安排高达 47 亿美元的债务融资。

美国政府还通过其主导的合资企业 Crucible JV 持有韩国锌业公司的股权。Crucible JV 是为支持该项目而成立的合资企业。该公司收购了韩国锌业公司新发行的 221 万股股票，从而持有该公司 10.59% 的股份。

6月18日，美国国会代表团成员参观了位于蔚山的韩国锌业公司温山冶炼厂，并与该公司官员合影。（图片由韩国锌业公司提供）

商务部长霍华德·卢特尼克在宣布该项目时，称其为加强美国关键矿产安全的重要一步。

“韩国锌业在田纳西州推进的项目是一项具有变革意义的交易，它将改变美国关键矿产的格局，”卢特尼克说。

美国政府决定将“坩埚计划”（Project Crucible）纳入FAST-41审批框架，这是首例涉及韩国公司的此类案例。该框架旨在协调大型基础设施项目的联邦审批流程，使审批过程更具可预测性。

本月初，该项目通过了一项关键的环境审查。此前，美国战争部完成了最终环境评估，认定该项目不会对环境造成重大影响。田纳西州官员将该项目定位为一项保障经济安全的投资。

“‘坩埚计划’是一项惠及几代人的投资，它为田纳西州的家庭创造了新的机遇，并有助于确保美国获得在世界舞台上竞争所需的关键能力，”田纳西州参议员玛莎·布莱克本在7月访问该项目现场时表示。“这对田纳西州的持续发展至关重要。”

对韩国锌业而言，该项目不仅仅是一项海外投资。公司将其视为一项战略举措，有望扩大其全球生产版图，成为其业务拓展至现有生产基地之外的转折点。

“我们希望通过这个项目，使韩国锌业成为全球先进材料行业的平台型企业，”该公司一位官员表示。

美国田纳西州参议员玛莎·布莱克本（右）于7月11日（当地时间）访问田纳西州“坩埚计划”项目现场期间，会见了韩国锌业公司及其他项目官员。图片由韩国锌业公司提供。

该项目还可以通过建立先进产业所需材料的新生产基地和实现关键矿产供应链多元化，深化韩国和美国之间的经济安全伙伴关系。

“坩埚计划”已在华盛顿州和田纳西州获得支持，但同时也卷入了韩国锌业公司旷日持久的所有权纠纷。

该项目在美国日益增长的知名度也引起了韩国锌业最大股东集团 MBK Partners 和 Young Poong 的关注。

该团体最初反对该项目，认为计划发行新股以筹集美国投资资金的做法不符合公司的利益。该团体提起诉讼，试图阻止新股发行，但首尔中央地方法院于去年12月驳回了该申请，允许该项目继续推进。

这场争端在美国出现了不同寻常的转折。7 月，MBK 和 Young Poong 在纳什维尔举办了一场招待会，向当地人士介绍了“熔炉计划”，他们自称是公司最大的股东团体，并表达了对该项目的支持。

韩国锌业表示，鉴于该集团此前曾反对该项目并对计划投资表示担忧，其此举出乎意料。随后，该公司向警方报案，指控该集团营造了一种其是该项目正式参与者的假象。MBK Partners和Young Poong则表示，他们的行为是合法的股东行为。

所有权纠纷并没有改变华盛顿“坩埚计划”背后的更广泛理由。

战略与国际研究中心将该项目描述为美韩两国构建共享关键矿产生态系统的范例，并认为该联盟正在超越贸易，走向共享的“工业架构”。

韩国锌业回收多种金属的能力与华盛顿需要填补关键加工缺口的需求之间的契合，使“坩埚计划”从一个企业扩张计划转变为一个具有战略意义的美韩供应链项目。