Korea Zinc

What Korea Zinc does

Korea Zinc Co., Ltd. (고려아연 주식회사) is a South Korea-headquartered, publicly traded non-ferrous metals smelting and refining company founded in 1974 and listed on KOSPI (ticker 010130). It operates the world's largest refined zinc smelter at its Onsan facility in Ulsan, South Korea, and runs a vertically integrated zinc-lead-copper process recognized as a Korean National Core Technology. Its product portfolio spans base metals (zinc, lead, copper), precious metals (gold, silver — Korea Zinc is the world's largest single-site silver producer at 2,000 tonnes/year, 5.6% of global supply), industrial and semiconductor-grade sulfuric acid, and rare metals (indium, bismuth, antimony). The company serves large industrial customers including EV battery manufacturers, semiconductor fabricators, defense contractors, and steel galvanizers through long-term supply contracts benchmarked to London Metal Exchange (LME) prices plus annual treatment charges.

Revenue is generated primarily through B2B direct sales of refined metals, with pricing tied to LME benchmarks and treatment charges negotiated annually with miners (e.g., $85/ton for zinc concentrates in 2026 with Teck Resources). Korea Zinc reported 2025 revenue of 16.58 trillion KRW (~$11.38B), up 37.6% year-over-year, with operating profit of 1.23 trillion KRW, up 70.3% — both all-time records — extending a streak of 105 consecutive quarters of operating profit. The "Troika Drive" growth strategy is centered on three pillars: renewable energy and green hydrogen, resource circular economy (e-waste recycling, waste battery processing, EAF dust), and secondary battery materials (copper foil, nickel sulfate, cathode precursors).

The company is executing a major U.S. expansion via Project Crucible, a $7.4 billion joint venture with the U.S. Department of Defense (40% stake) to build an integrated critical minerals smelter in Clarksville, Tennessee, producing 13 non-ferrous metals including 11 US-designated critical minerals, with commercial operations targeted for 2029. Capital sources include a $2.35B JPMorgan loan, a $1.94B share issuance to the JV, and EXIM Bank financing up to $10B. Korea Zinc has secured strategic stakes and partnerships with Hyundai Motor Group (5% stake for ~$398M for EV battery supply), The Metals Company (deep-sea nodule processing), Alta Resource Technologies (rare earth oxide JV from e-waste), NEO Battery Materials/Taesung (composite copper foil), and Lockheed Martin (germanium supply). The company holds ISO 14001, ISO 45001, LBMA Good Delivery, LME, and RMI Gold certifications, and is the first Korean metal company in RE100.

Name

Korea Zinc

Legal name

고려아연 주식회사

Website

https://koreazinc.co.kr

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Korea Zinc is the world's largest refined zinc smelter, producing zinc, lead, copper, silver, and critical minerals from its Onsan Smelter and global operations, serving EV battery, semiconductor, and defense customers. It is building a $7.4B US critical minerals smelter via Project Crucible.

Ownership category

akta.pro rank

Product category

Non-Ferrous Metal Smelting and Refining

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Nonferrous Metal (except Aluminum) Smelting and Refining (331410), Nonferrous Metal (except Aluminum) Production and Processing (3314), Primary Metal Manufacturing (331)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330), Industrial Inorganic Chemicals (2810), Wholesale-Metals & Minerals (No Petroleum) (5050), Metal Mining (1000)

akta.pro primary industry

Battery Scrap & Recycling Feedstock (Lead-Acid, Li-ion Black Mass Feedstock, NiMH) (IMAKAMAH)

akta.pro secondary industries

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Precious Metals Smelting & Refining (IMAKAEAE), Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)

Keywords

• Non-ferrous metal smelting
• Refined zinc production
• Precious metals refining
• Critical minerals supply
• Battery materials manufacturing

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Refined Non-Ferrous Metals: Core revenue from smelting and refining base metals — zinc, lead, copper — as the world's largest refined zinc smelter. Revenue is driven by treatment charges (TCs), metal prices (LME), and input costs. Record Q1 2026 revenue of 6.07 trillion won and operating profit of 746.1 billion won, extending streak to 105 consecutive quarters of operating profit. 2025 full-year revenue: 16.58 trillion won (~$11.38B), operating profit 1.23 trillion won, up 70.3% YoY.
2. Precious Metals: Significant revenue from gold and silver as byproducts. Korea Zinc is the world's largest single-site silver producer at 2,000 tonnes per year (5.6% of global supply). Silver revenue reached 2.3836 trillion won in 2024, accounting for 29.5% of total revenue. Gold and silver prices rallied significantly in 2025-2026, driving record profits.
3. Rare and Critical Metals: Revenue from rare metals including indium, bismuth, antimony, gallium, and germanium — critical minerals for semiconductors, batteries, defense, and electronics. Teck Resources agreed to 2026 processing fee of $85/ton for zinc concentrates, with new terms for germanium content.
4. Battery Materials: Revenue from secondary battery value chain including nickel sulfate, cathode precursors, and copper foil produced from recycled copper. Part of Troika Drive strategy targeting EV and energy storage markets.
5. Sulfuric Acid: Production and sale of sulfuric acid and semiconductor-grade sulfuric acid as industrial chemical products from the smelting process. Semiconductor-grade sulfuric acid is a high-purity product for chip manufacturing.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Korea Zinc operates the world's largest refined zinc smelter through its Onsan Smelter in Ulsan, South Korea, using an integrated zinc-lead-copper process recognized as a Korean National Core Technology. The company produces base metals (zinc, lead, copper), precious metals (gold, silver — 2,000 tonnes/year, 5.6% of global supply), rare metals (indium, bismuth, antimony), and industrial chemicals (sulfuric acid and semiconductor-grade sulfuric acid). It is expanding into secondary battery materials (copper foil, nickel sulfate, cathode precursors), resource circulation (e-waste and battery recycling), and renewable energy via its Troika Drive strategy, while building Project Crucible, a $7.4B integrated critical minerals smelter in Tennessee, USA.

Product overview

Korea Zinc is the world's largest non-ferrous metals smelter, operating as a unified integrated refining complex. The company's product portfolio spans base metals (zinc, lead, copper), precious metals (gold, silver), and rare metals (indium, bismuth, antimony), along with industrial chemicals (sulfuric acid, semiconductor-grade sulfuric acid, oleum). Under its Troika Drive growth strategy, Korea Zinc has expanded into secondary battery materials (copper foil, nickel sulfate, cathode precursors), renewable energy and green hydrogen, and resource circulation/recycling. Major initiatives include Project Crucible, a $7.4 billion U.S. critical minerals smelter joint venture, rare earth recovery from e-waste, and partnerships for composite copper foil battery technology. The company operates the Onsan Smelter in Ulsan, South Korea, and Sun Metals Corporation in Townsville, Australia.

Differentiator

Problem solved

Functional benefit

Brands

• KZ Clover (클로버): Korea Zinc's social contribution brand and strategy, encompassing talent development (인재육성), donation and volunteering (기부봉사), culture and arts (문화예술), and eco-friendly activities (친환경 활동).
• Troika Drive
• Project Crucible

Products and services

• Zinc (아연) Primary refined zinc produced at the Onsan Smelter; world's largest refined zinc smelter producing high-purity zinc used for galvanizing, construction, die-casting, and industrial applications. Sold via long-term contracts to industrial customers priced on LME benchmarks.
• Lead (연) Refined lead produced as part of Korea Zinc's integrated smelting process; used in lead-acid batteries, construction, and radiation shielding applications. LME brand registered.
• Copper (동) Refined copper and recycled copper (케이블) produced from 100% recycled materials; used in electrical wiring, electronics, EV motors, and construction. SGS-verified recycled content.
• Gold (금) LBMA Good Delivery certified gold recovered as a byproduct of smelting; used in jewelry, electronics, and investment applications. Responsible Mineral Initiative (RMI) certified for conflict-free sourcing.
• Silver (은) LBMA Good Delivery certified silver; Korea Zinc is the world's largest single-site silver producer at 2,000 tonnes per year (5.6% of global supply). Used in photography, electronics, solar panels, jewelry, and industrial applications. Silver accounted for 2.38 trillion KRW (29.5%) of 2024 revenue.
• Indium (인듐) Rare metal critical for advanced electronics; Korea Zinc is the only domestic producer in Korea. Used in semiconductors (ITO targets), LCD displays, touchscreens, and solar cells.
• Bismuth (비스무트) Rare metal used in pharmaceuticals, cosmetics, low-melting alloys, and nuclear power applications.
• Antimony (안티모니) US-designated critical mineral used in flame retardants, lead-acid batteries, semiconductors, and defense applications. Project Crucible targets to supply 15% of US antimony demand by 2030.
• Sulfuric Acid (황산) Industrial sulfuric acid produced as a byproduct of smelting operations; used in fertilizer production, petroleum refining, and industrial chemical processes.
• Semiconductor-Grade Sulfuric Acid (반도체황산) High-purity sulfuric acid specifically refined for semiconductor wafer cleaning and chip fabrication processes; supplied to chipmakers under stringent purity specifications.
• Oleum (발연황산) Fuming sulfuric acid used in industrial chemical synthesis, petroleum refining, and metal processing.
• Copper Foil (동박) Copper foil for lithium-ion battery anodes, including recycled copper foil variants produced from 100% recycled materials under the Troika Drive secondary battery materials initiative. Used by EV and energy storage battery manufacturers.
• Nickel Sulfate (황산니켈) Nickel sulfate used as a precursor input for lithium-ion battery cathode active materials; produced under the Troika Drive strategy for EV and energy storage battery manufacturers.
• Cathode Precursors (전구체) Cathode precursors (pCAM) for lithium-ion battery cathodes produced under the Troika Drive strategy; supplied to battery cell manufacturers for EV and energy storage applications.

Quantifiable outcome

• Record 2025 revenue of 16.58 trillion won (~$11.38B), up 37.6% YoY; operating profit 1.23 trillion won, up 70.3% YoY
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered minor, core and flagship.

• Silver Elephant Mining Corp.minorStrategic or Co-development Partner · 1 July 2026Silver Elephant's Kentucky Robinson-Lasher zinc-germanium-gallium project is located ~90 miles from Korea Zinc's proposed $7.4B Clarksville, Tennessee smelter, potentially positioning it as a domestic US concentrate supply source for the smelter.
• Australian Government (Queensland Premier Crisafulli)coreStrategic or Co-development Partner · 1 June 2026Korea Zinc Chairman Choi Yoon-beom met with Queensland Premier David Crisafulli and Australian PM Anthony Albanese to discuss strengthening critical mineral supply chain cooperation. SMC (Townsville) expansion into integrated copper-zinc-lead facility discussed as potential benchmark for Australia's smelting sector. Premier Crisafulli described SMC as Queensland's most important asset.
• KIGAM / POSCO HoldingsminorStrategic or Co-development Partner · 1 May 2026KIGAM (Korea Institute of Geoscience and Mineral Resources) launched the K-Plant national initiative to break China's rare earth monopoly, partnering with Korea Zinc and POSCO Holdings to develop rare earth processing technologies by 2030.
• NEO Battery Materials / TaesungcoreStrategic or Co-development Partner · 4 February 2026Korea Zinc signed MOU on January 28, 2026 with Taesung and Neo Battery Materials Korea (NBM Korea) to jointly develop and commercialize composite copper foil technology for next-generation lithium-ion batteries targeting drones, robotics, and micromobility. Korea Zinc and Taesung lead foil material development while NEO manufactures and validates foils in bench-scale cells. Goal: produce Korea's first validated prototype of such batteries by end of 2026. Market for composite copper foil projected to grow from $6.88B in 2023 to $10.18B by 2032.
• Alta Resource Technologies (US)coreStrategic or Co-development Partner · 13 January 2026Korea Zinc partnered with US-based Alta Resource Technologies to establish a joint venture producing high-purity rare earth oxides from electronic waste permanent magnets. The JV will be established at PedalPoint's US sites in Chicago, Atlanta, and Las Vegas, targeting 100 tonnes/year initial production capacity from 2027. Alta contributes its biochemical separation process; Korea Zinc contributes its urban mining and smelting expertise. Produces neodymium, praseodymium, dysprosium, and terbium oxides for EVs, wind power, and defense.
• Lockheed MartinminorStrategic or Co-development Partner · 1 January 2026Korea Zinc and Lockheed Martin signed a strategic germanium supply agreement. Germanium is a critical mineral used in infrared optics and military systems, with China controlling the majority of global supply.
• KOTRA Chicago Trade CenterminorGTM or Marketing Partner · 1 January 2026KOTRA Chicago Trade Center Director Jung-hoon Lee outlined how Korea can serve as an alternative critical minerals supply chain, citing Korea Zinc's acquisition of a US recycling company (PedalPoint) as a model for urban mining to extract copper, gold, silver, and rare earths from e-waste.
• The Metals Company (TMC)coreStrategic or Co-development Partner · 1 January 2026TMC announced a partnership with Korea Zinc for processing polymetallic nodules containing copper, cobalt, nickel, and manganese from deep-sea mining operations. Korea Zinc invested $85.2M in TMC in June 2025 plus a $37M financing round in May 2025. TMC's March 2026 investor roadmap shows $23.6B combined NPV for its deep-sea nodule project, targeting commercial production by early 2028.
• US Government (Department of Defense, Department of Commerce)flagshipStrategic or Co-development Partner · 1 December 2025Korea Zinc and the US government formed a joint venture called Crucible JV LLC (40% DoD stake, 10% Korea Zinc equity) to build a $7.4B integrated critical minerals smelter in Clarksville, Tennessee. The project is the largest US-South Korea critical minerals cooperation, targeting production of 13 non-ferrous metals including 11 US-designated critical minerals. US DoD committed $210M under CHIPS and Science Act, with EXIM Bank providing up to $10B in financing. Project designated FAST-41 (first Korean company), enabling streamlined federal permitting. JV LLC acquired 10.59% stake in Korea Zinc via $1.94B paid-in capital.
• Nyrstar / Trafigura (Nyrstar Clarksville Acquisition)coreStrategic or Co-development Partner · 1 December 2025Korea Zinc acquired the Nyrstar zinc processing plant in Clarksville, Tennessee in December 2025 for an undisclosed amount, rebranded as Crucible Zinc Inc. The acquisition provides immediate revenue generation capability while the new smelter is constructed. The plant's existing infrastructure and waste piles are estimated to contain $3B worth of recoverable metals.

Scale indicators14 records

Recent moves9 records

Expansion highlights8 records

Direct peers

• Nyrstar: Global multi-metals smelter producing zinc, lead, copper, and precious metals — Korea Zinc's closest direct peer. The two companies overlap operationally (Korea Zinc acquired Nyrstar's Clarksville, Tennessee plant in December 2025), and Nyrstar remains Trafigura's flagship smelting platform across Europe and the Americas.
• Boliden: Swedish integrated non-ferrous metals miner and smelter producing zinc, copper, lead, and precious metals. Closely comparable to Korea Zinc across the zinc-lead-copper smelting value chain with similar byproduct precious-metals exposure and Nordic smelting scale.
• Hindustan Zinc: India's largest zinc-lead smelter and a Vedanta subsidiary operating integrated zinc-lead mining and refining. Comparable to Korea Zinc as a world-scale integrated primary zinc-lead producer with similar byproduct economics.
• Sumitomo Metal Mining: Japanese non-ferrous metals producer with integrated nickel, copper, and precious-metals smelting. Closely comparable to Korea Zinc as an Asian integrated non-ferrous smelter with strong battery-materials and electronic-materials adjacencies.
• Aurubis: European integrated copper smelter and precious-metals refiner — comparable to Korea Zinc in copper smelting and precious-metals byproduct recovery, though more copper-focused than zinc-lead.
• Dowa Holdings: Japanese non-ferrous metals smelter with zinc, copper, lead, and rare-metals operations including e-waste recycling. Closely comparable to Korea Zinc across base-metals smelting and emerging urban-mining / resource-circulation activities.

Broad incumbents

• Glencore: Global diversified mining and trading major with significant zinc, copper, and lead smelting assets. Korea Zinc's concentrate supplier counterpart (and competitor in zinc trading), with broader commodity exposure but overlapping smelting operations.
• Teck Resources: Canadian diversified miner with major zinc and copper operations. Korea Zinc's primary zinc-concentrate supplier under long-term TC agreements (2026: $85/ton), making it a key counterpart rather than direct competitor but with deep vertical overlap.
• Trafigura: Global commodities trader and Nyrstar parent (until recent restructuring), with significant non-ferrous metals trading and smelting exposure. Comparable to Korea Zinc at the trading-distribution layer and as a counterparty in concentrate supply chains.

Regional players

• Yunnan Tin Group: China's largest tin producer with integrated non-ferrous metals (tin, copper, lead) smelting. Comparable to Korea Zinc as a major Asian non-ferrous smelter, though operating primarily in China and focused on tin rather than zinc-lead-copper.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCY7ZnL1uOiI3yZb6sy_sftQ/videos
• LinkedInlinkedin.com/company/icm-pachapaqui-s-a-c
• Instagraminstagram.com/koreazinc

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries10 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Korea Zinc