JPMorgan Chase & Co. and the US government are supporting Korea Zinc Co.’s $7.4 billion smelter in Tennessee to supply crucial minerals for chip-making, defense, and aerospace. The venture involves a joint venture with Korea Zinc, the US government, JPMorgan, and other investors to establish Crucible JV LLC.

The Trump administration’s efforts to establish domestic supply chains for key minerals continue with the backing of the Tennessee smelter project. China currently dominates the critical minerals sector, leaving US industries reliant on foreign imports. The Department of Commerce and the Pentagon have taken equity positions and provided funding to metals projects.

Commerce Secretary Howard Lutnick praised the Korea Zinc agreement as a “big win for America,” ensuring priority access to global production by 2026. The facility will produce zinc, lead, copper, gold, silver, antimony, germanium, and gallium, with construction starting in 2022 and commercial operations in 2029.

Korea Zinc’s move helps solidify its role as a national-security supplier amid an ownership dispute. Last year, its biggest shareholder, Young Poong Corp., and MBK Partners Ltd. launched an unsolicited takeover bid. The company’s acquisition of Trafigura Group’s primary zinc smelter in Tennessee will further strengthen its position.

Read more at Yahoo Finance: JPMorgan, US Backing Korea Zinc’s $7.4 Billion Tennessee Smelter