Korea Zinc announced on the 15th that its integrated critical minerals refinery project in Tennessee, U.S., known as "Project Crucible," has received approval for large-scale power usage from the Tennessee Valley Authority (TVA), a local power supply institutional investor.
This project, which is being pursued with an investment of approximately $7.4 billion (approximately 1 trillion won) in collaboration with the U.S. government and others, had previously been included in FAST-41, the U.S. federal government's permitting fast-track system, and subsequently passed the final Environmental Assessment (EA). With the approval by the TVA Board of Directors on the 10th, securing the power supply infrastructure necessary for the operation of the integrated refinery is expected to further accelerate the project's progress. The item approved by the TVA Board of Directors concerns large-scale power usage exceeding 100 megawatts (MW). Project Crucible's contracted power capacity is 230 MW, and the TVA will begin power supply starting in 2029.
Korea Zinc has been in close consultation with the TVA to ensure the smooth advancement of Project Crucible. In May, Chairman Choi Yoon-beom met with Mitch Graves, Chairman of the TVA Board of Directors, emphasizing the importance of securing initial power demand for the construction of the integrated refinery and building a stable power supply network for its operation, while requesting active cooperation. Mitch Graves, Chairman of the TVA Board of Directors, also stated, "Since Project Crucible is an important project not only at the state level of Tennessee but also from the perspective of the federal government, we will strive to ensure there are no disruptions in power supply."
Project Crucible is a business in which Korea Zinc leverages its refining technology and operational know-how accumulated over more than 50 years at the Ulsan Onsan Refinery to construct and directly operate a large-scale integrated refinery in Tennessee, U.S. The project plans to produce 12 types of non-ferrous metals, including the 11th critical minerals designated by the U.S. government, as well as semiconductor-grade sulfuric acid. Korea Zinc is scheduled to break ground in 2027 and begin commercial production of some products from 2029, with expectations that more than 400 new jobs will be created in Tennessee.
A company official stated, "With the TVA's approval of Crucible Zinc's power usage request, the conditions for the stable operation of the future integrated refinery in Tennessee have been established." The official added, "Taking this power usage approval as an opportunity, we will accelerate preparations for breaking ground on the integrated refinery while closely cooperating with the U.S. government and local relevant agencies to successfully complete Project Crucible."
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