Korea Zinc's (010130.KS) "Project Crucible," an integrated smelter under construction in the United States, has gained momentum after securing a pledge of administrative support from Tennessee's lieutenant governor.
Korea Zinc said Thursday that Tennessee officials, including Lieutenant Governor Stuart McWhirter, visited its Onsan smelter on Wednesday. The facility serves as the blueprint for the integrated smelter planned in the U.S.
The visit was arranged to give Tennessee officials a firsthand look at the smelting business and operations, and to discuss cooperation on the project. Lt. Gov. McWhirter held a meeting with Korea Zinc Vice President Kim Seung-hyun and other executives, reviewing the Onsan smelter's technology, environmental practices, and safety standards.
During the meeting, McWhirter promised sweeping administrative support in return for the project. Power infrastructure and housing for the integrated smelter are at the core of that support. For electricity, Tennessee plans to supply the integrated smelter at low cost through local vendor TVA. For housing, the state plans to support Korean expatriates' residence in Clarksville, Tennessee's fifth-largest city. McWhirter noted that Clarksville has a long track record of hosting investment from Korean companies, giving the city ample expertise, and said Korean expatriates would be supported through programs covering education and children's needs.
Administrative procedure support was also addressed. The project has already been designated under "FAST-41," the U.S. federal government's fast-track program. The designation allows federal and Tennessee state administrative procedures to proceed in parallel, accelerating the project's timely execution.
A local workforce development program for the project is also planned. The Tennessee state government will invest in educational programs to support skills development by building partnerships with universities and training institutions.
"The state government will find ways to actively support Project Crucible, including securing electricity and providing administrative support, and we hope the journey to establish another world-class facility in the U.S., like the Onsan smelter, proceeds successfully," McWhirter said, expressing optimism about the project.
