Korea Zinc said Wednesday that it recorded revenue of 6.861 trillion won and an operating profit of 141.7 billion won for the third quarter of this year, based on consolidated financial statements. Revenue increased by 46.3% year-on-year, while operating profit decreased by 48.2%.
The company emphasized the significance of achieving its 107th consecutive quarter of operating profitability. It also surpassed 6 trillion won in revenue for the third consecutive quarter. Despite multiple headwinds such as falling prices of precious metals and certain critical minerals, as well as a decline in exchange rates, the company focused on defending profitability by strengthening its product portfolio.
Initial investment costs for the U.S. critical mineral refinery construction project, "Project Crucible," impacted the profit decline. Project Crucible is a large-scale strategic initiative in which Korea Zinc, along with the U.S. government and others, will invest approximately 7.4 billion dollars to build a critical mineral refinery in Tennessee, U.S. Having passed the final Environmental Assessment (EA) procedure of the U.S. federal government last September, the project has mitigated environmental-related uncertainties and established a foundation for stable advancement.
A Korea Zinc official said, "Despite uncertainties in the global business environment, we have maintained revenue flows at an all-time high level, demonstrating robust business competitiveness." The official explained that this was the result of stable operations by Onsan Refinery, KG Trading, Australia's zinc refinery Sunmetal Corporation (SMC), and U.S. resource recycling subsidiary Pedal Point, among others.
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