Korea Zinc has invested 116.5 billion won in a U.S. seabed resource development company to secure key materials for advanced industries. They plan to increase their stake and construct a refinery in the U.S. in the future. On the 17th, Korea Zinc announced that it had acquired approximately 5% of shares in TMC, a NASDAQ-listed company, for about $85 million (about 116.5 billion won).
They secured the right to buy additional shares at a predetermined price if TMC’s market value and growth potential are confirmed. TMC is preparing to mine manganese nodules containing nickel, cobalt, copper, and manganese from the deep sea. These nodules will be processed to secure and develop key materials used in electric vehicles, renewable energy, and advanced industries.
TMC holds mining rights for a deep-sea manganese nodule project off the western coast of Mexico. The NORI-D project is currently verifying its reserves and conducting a preliminary feasibility study. This investment will strengthen Korea Zinc’s business ties by processing resources extracted by TMC both domestically and internationally. Further cooperation, including investments in U.S. facilities, will also be discussed.
Since the first half of last year, Korea Zinc has been reviewing collaboration with TMC to confirm business and economic feasibility. They expect to stably procure manganese nodules to supply their refineries. Korea Zinc’s battery subsidiary, Kemco, is constructing an all-in-one nickel refinery aiming for commercial operation by 2027. Initially, they will process products through the all-in-one refinery after starting resource production and subsequently pursue the construction of a nickel refinery in the U.S.
A Korea Zinc representative stated that the collaboration with TMC is meaningful and competitive as it establishes a supply chain that is not subject to U.S. government regulations against foreign entities of concern.