SEOUL, Dec. 16 (UPI) — Non-ferrous metal giant Korea Zinc said it would spend billions of dollars to build a smelter of strategic materials in Clarksville, Tenn., in partnership with the U.S. government.
The Seoul-based company said it would collaborate with the U.S. Department of Commerce and the Department of Defense on a project valued at $7.4 billion, including working capital and financial costs.
Korea Zinc’s U.S. subsidiary will establish a joint venture with the U.S. government to raise $1.94 billion in equity. The Department of Defense and investors will inject $2.15 billion, while the Department of Commerce will offer subsidies.
The remaining funds will be secured from direct investment from Korea Zinc and loans backed by U.S. policy financial programs and private lenders…