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A South Korean court has rejected an attempt by major shareholders MBK Partners and YoungPoong to block Korea Zinc’s plan to issue new shares to fund its massive $7.4 billion U.S. smelter project, a decision that clears a major hurdle for the world’s largest refined zinc producer. The ruling, delivered on Wednesday, allows Korea Zinc to proceed with a capital raise aimed at supporting its expansion into the United States, a move closely aligned with Washington’s strategy to reduce reliance on China for critical minerals.
Following the court’s decision, Korea Zinc shares jumped as much as 5%, reflecting investor confidence in the project’s prospects. In contrast, YoungPoong shares fell by as much as 10%, underscoring market concerns about shareholder dilution and shifting control dynamics within the company. MBK Partners and YoungPoong together own approximately 46% of Korea Zinc and had argued that the planned share issuance was unfair and potentially damaging to existing shareholders.
Under the approved plan, Korea Zinc will sell about $1.9 billion worth of new shares to a joint venture controlled by the U.S. government along with unnamed U.S.-based strategic investors. This transaction would give the joint venture roughly a 10% stake in the South Korean firm and help finance the construction of a critical minerals refinery in Tennessee. The facility is expected to play a key role in supplying materials essential for semiconductors, electronics, and defense applications.
Despite losing the court challenge, MBK Partners and YoungPoong said they remain supportive of the U.S. smelter project, expressing hope that it will deliver “win-win” outcomes for the United States, Korea Zinc, and the broader Korean economy. Korea Zinc declined to comment immediately on the ruling, and the Seoul Central District Court was not available for further remarks.
Governance experts note that the deal could strengthen the position of Korea Zinc Chairman Yun B. Choi, who has been engaged in a prolonged control dispute with MBK and YoungPoong. Issuing shares to a potential strategic ally may tilt the balance of power in his favor. Korea Zinc has emphasized that the U.S. project supports both U.S. supply chain diversification goals and the company’s long-term growth strategy in the world’s largest critical minerals market.
