Korea Zinc invests $311 million in subsidiary to acquire Australia's renewable energy company Epuron

[Courtesy of Korea Zinc]

SEOUL -- Korea Zinc, a non-ferrous metals company in South Korea, has invested $311 million in its subsidiary to acquire Epuron, a renewable energy company in Australia, as part of its strategy to step up the expansion of its business scope into the energy market. The company has presented a roadmap for future growth based on resource recycling, renewable energy, and battery materials.

Korea Zinc said in a regulatory filing on April 8 that the acquisition of Epuron would be made through Sun Metals Holdings, a wholly-owned subsidiary that operates a refinery in Queensland and produces high-grade zinc, zinc alloy metals and sulphuric acid.

The company's electrolytic copper foil manufacturing plant with an annual capacity of 13,000 tons would be completed in the fourth quarter of 2022 in the southeastern industrial port city of Ulsan. Copper foils are a key material for electric vehicle batteries and made by electrolyzing copper dissolved in sulfuric acid in a process similar to zinc smelting.

Korea Zinc joined hands with the Ulsan National Institute of Science and Technology (UNIST), a state research institute, in December 2021 to develop secondary batteries and energy storage systems. Secondary batteries consist of metal components including non-ferrous materials such as lead, zinc, and manganese.

Lim Chang-won cwlim34@ajunews.com

Korea Zinc invests $311 million in subsidiary to acquire Australia's renewable energy company Epuron

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