South Korean metals producer Korea Zinc has signed a strategic partnership with US-based Alta Resource Technologies to produce rare earth oxides for applications including EVs.
The two companies plan to establish a joint venture in the US and build production facilities on the site of Korea Zinc’s US subsidiary to separate rare earth elements using Alta’s biochemical technology. The biochemical process platform technology uses custom-designed proteins to selectively separate and purify low-concentration rare earth elements contained within complex mixtures.
Korea Zinc is building a $7.4-billion integrated smelter in Tennessee to meet demand for supply outside of China.
The JV aims to start commercial operations in 2027, starting with an annual processing and production capacity of 100 tons of high-purity rare earth oxides. The JV plans to gradually expand production.
Production will focus on high-purity rare earth oxides such as neodymium oxide, praseodymium oxide, dysprosium oxide and terbium oxide, using permanent magnet waste located in the US as raw material.
The goal is to establish the foundation for a stable supply chain of rare earth oxides to both South Korea and the US.
Since 2022, Korea Zinc subsidiary PedalPoint has been forming a recycling value chain in the US through strategic acquisitions, including e-waste recycling company Igneo, electronics recycling company evTerra, scrap metal trading company Kataman Metals and IT asset management company MDSi. The recycling business is expected to ensure a stable supply of waste to the JV.
“Following our strategy to play a central role in the Korea-US core mineral supply chain by building a smelter in the US, this collaboration will be an important milestone in the rare earths sector, which has recently become increasingly strategically important worldwide,” said Choi Yoon-beom, Chairman of Korea Zinc.
Source: Korea Zinc
