Latest news with #KoreaZinc
UPI
5 hours ago
- Business
- UPI
Korea Zinc, Young Poong report opposite results in first half
SEOUL Aug. 19 (UPI) -- Involved in a year-long management rights dispute, Korea Zinc and Young Poong reported opposite results for the first half of this year. Korea Zinc cruised well, while Young Poong struggled. Young Poong Corp., a conglomerate that focuses on the mining, electronics and book-selling industries, said Monday that it posted $843 million in sales, down 22% from a year ago. Its operating loss more than tripled to $108 million year-on-year. The firm's Seokpo refinery, about 125 miles southeast of Seoul, saw its operating rate fall to less than 40% this year, a large factor in the disappointing results. Young Poong noted that the smelter, which manufactures zinc used to guard against steel corrosion, was shut down for two months this year after discharging polluted wastewater without approval. The Seoul-based company expected that the refinery's operating rate would rise in the latter half, leading to improved results. It also suffered deficits in 2023 and 2024. By contrast, Korea Zinc, the world's leading refined zinc smelter, recorded $5.51 billion in turnover during the first half, up 40.9% from a year before, for an operating income of $381 million, up 16.9%. Over the past year, Korea Zinc has been involved in a battle to resist a takeover bid mounted by its largest shareholder, Young Poong, which teamed up with MBK Partners, Korea's top private equity fund. The current management of Korea Zinc and the Young Poong alliance have staged fierce competition to increase their stake in Korea Zinc and secure control of the company's board. The two sides are also entangled in multiple lawsuits related to their clash over who will lead the company's management.
Korea Herald
12-08-2025
- Business
- Korea Herald
Korea Zinc, UNIST team up to advance AI skills, smart manufacturing
Korea's leading nonferrous smelter, Korea Zinc, announced Tuesday that it has partnered with a local technology institute in Ulsan to expand the use of artificial intelligence in its smelter operations. Under the agreement with Ulsan National Institute of Science and Technology, the two parties will launch a four-month AI training program for Korea Zinc employees starting in September. The company will also provide advice to the university in nurturing AI talent with practical skills in industrial manufacturing. The partnership will extend to broader areas, including joint research in smart manufacturing, which could potentially lead to new business opportunities for the company, Korea Zinc said. Korea Zinc has been actively adopting AI and robotics to improve safety in its high-risk smelting processes. The company was the first among global nonferrous smelters to deploy Boston Dynamics' four-legged robot, Spot, to inspect safety hazards at its Ulsan smelter. Earlier in August, it also established a dedicated team to oversee its AI strategy. 'To succeed in building a smart smelter, it is essential to strengthen our staff's understanding of AI and their ability to apply it in practice,' a Korea Zinc official said. 'We will continue to upgrade our data-driven business capabilities and foster a technology-centered corporate culture.'
Yahoo
05-08-2025
- Business
- Yahoo
TMC publishes pre-feasibility study for NORI-D polymetallic nodule project
TMC, a developer of critical metals, has released the technical report summary for the pre-feasibility study (PFS) concerning its NORI-D Polymetallic Nodule Project, situated in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean. This PFS is notable as it is the first-ever declaration of probable mineral reserves for deep-sea polymetallic nodules, prepared in compliance with Subpart 1300 of SEC Regulation S-K. In addition, TMC has published an initial assessment regarding the remaining resources in the NORI and TOML blocks within the CCZ. These reports follow TMC USA's application submitted in April 2025 for a commercial recovery permit under the US Deep Seabed Hard Mineral Resources Act, along with two exploration licence applications. The publication of these reports coincides with a 'strategic investment' from Korea Zinc, a company involved in non-ferrous metal smelting. These developments are said to underscore TMC's position in the exploration of significant undeveloped deposits of critical minerals. The move reflects a growing interest in the economic potential and development framework of the NORI-D Project amid ongoing efforts to enhance critical mineral supply chains in the US and allied nations. TMC chairman and CEO Gerard Barron said: 'The combined net present value of $23.6bn of the two studies should give investors a better idea of the economic potential of our total estimated resource. 'The PFS takes our NORI-D Project economics up the confidence curve and contains the declaration of mineral reserves – these are our first 50+ million tonnes with a potential commercially viable path to production, with more to follow as we advance our mine planning work. 'The phased project development plan will target initial production from the Hidden Gem vessel, with an estimated $113m of development capital expenditure each from TMC and Allseas. First production is targeted for Q4 [fourth quarter] 2027. 'This PFS brings us one step closer to responsible production, potentially opening the door to new pools of capital from strategic and government sources, and reinforces TMC's leadership in this emerging industry.' "TMC publishes pre-feasibility study for NORI-D polymetallic nodule project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
05-08-2025
- Business
- Yahoo
TMC Targets $23 Billion Sea Floor Wealth As ISA Oversight Looms
The Metals Company (NASDAQ:TMC) has released a pre-feasibility study (PFS) for its NORI-D project in the Clarion-Clipperton Zone. This study is the world's first declaration of probable mineral reserves for polymetallic nodules in international waters. 'The PFS takes our NORI-D Project economics up the confidence curve and contains the declaration of mineral reserves — these are our first 50+ million tons with a potential commercially viable path to production, with more to follow as we advance our mine planning work,' said CEO Gerard Barron. He added that the combined net present value of $23.6 billion across two studies gives investors a clearer picture of the project's PFS and accompanying Initial Assessment outline 73 million tons of measured and indicated wet nodules grading 1.30% nickel, 0.20% cobalt, 1.2% copper, and 30.2% manganese. An additional 1.2 billion tons are classified as inferred, grading 1.30% nickel, 0.20% cobalt, 1.1% copper, and 28.7% manganese. The NORI-D project is projected to generate an after-tax NPV of $18.1 billion and an IRR of 35.6%. The press release also outlined a $85 million investment from Korea Zinc, which in June acquired a 5% equity stake in TMC through the purchase of 19.6 million shares at $4.34 each. The deal also includes a warrant for an additional 6.9 million shares at $7, exercisable over three years. While the technical and financial potential of the project is drawing investor interest, the regulatory path forward remains uncertain. In March, TMC USA formally applied for a commercial recovery permit under the U.S. Deep Seabed Hard Mineral Resources Act (DSHMRA), sidestepping the International Seabed Authority (ISA), which has yet to finalize exploitation rules for international waters. President Donald Trump's April executive order fast-tracked U.S. licensing, triggering pushback from ISA member states and environmental groups. TMC's move has raised concern among delegates at the ISA's recent 30th session in Kingston, Jamaica. 'The deep seabed must be governed not for the few, but for the benefit of all humankind,' ISA Secretary-General Leticia Carvalho said. 'We are shaping a future that is equitable, science-based, and firmly anchored in international law,' she added. ISA will hold its next session in the first quarter of 2026. Despite a regulatory grey area, TMC aims to begin production by late 2027 using the Hidden Gem vessel, jointly developed with offshore engineering firm Allseas. Companies are expected to contribute $113 million each toward development capex. TMC stock is trading lower by 0.80% to 5.60 premarket at last check Tuesday. According to Benzinga Pro, the stock is up 404% year-to-date and has a market cap of $2.26 billion. Read Next:Photo by DenisSergeeich via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article TMC Targets $23 Billion Sea Floor Wealth As ISA Oversight Looms originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-07-2025
- Business
- Yahoo
TMC Secures $85.2M Strategic Investment from Korea Zinc to Advance Deep-Sea Mineral Development
TMC the metals company Inc. (NASDAQ:TMC) is one of the best performing mid cap stocks so far in 2025. On June 16, TMC announced that Korea Zinc Co. Ltd., which is a global leader in non-ferrous metal refining and precursor Cathode Active Material (pCAM) technology, has agreed to make an equity investment in TMC. This investment totals ~$85.2 million and will be made through a private placement involving the purchase of common shares and warrants. Under the agreement, Korea Zinc is to acquire 19.6 million common shares at the last market closing price of $4.34 per share. Aerial view of a manned drilling rig at a precious metals mine in the Americas. Additionally, Korea Zinc will receive a 3-year warrant to purchase 6.9 million common shares at an exercise price of $7.00 per share. These warrants are structured such that for every 1 initial common share purchased, 0.35 warrant shares are granted for no additional consideration. TMC the metals company Inc. (NASDAQ:TMC) is a deep-sea minerals exploration company that collects, processes, and refines polymetallic nodules found on the seafloor in California. While we acknowledge the potential of TMC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
