SEOUL, South Korea--(BUSINESS WIRE)--Dec 26, 2024--
Rep. Eric Swalwell, Co-Chair of the Congressional Critical Materials Caucus, has sent an official letter to Jose Fernandez, Undersecretary of State for Economic Growth, Energy, and the Environment, expressing concerns about the takeover battle over Korea Zinc (KRX:010130) and urging active involvement from the U.S. Department of State.
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In the letter, Rep. Swalwell stated, "Korea Zinc has maintained its position as a global leader in allied efforts to expand and diversify the supply of critical minerals and insulate these supply chains from PRC (People’s Republic of China) leverage." He highlighted that Korea Zinc operates one of the largest smelters of zinc in the world, which can also produce silver and copper, and emphasized the importance of its advanced nickel smelting technology. He particularly emphasized that Korea Zinc’s advanced nickel refining plant in Ulsan, Korea, will deploy an industry leading refining technology allowing major battery manufacturers in Korea, and across the globe, to have a reliable supply chain, free from Chinese materials and technology.
This letter makes evident the recognition of Korea Zinc’s importance in building a China-free supply chain for critical materials.
After establishing the strategic importance of Korea Zinc, Swalwell pointed out the various negative consequences that could arise if MBK Partners were to gain management control of the company.
He cited several examples to explain that MBK Partners is a private equity firm active in Northeast Asia with significant connections to China. Furthermore, he expressed concerns that MBK Partners' track record raises the possibility of China becoming involved in Korea Zinc’s operations, potentially leading to the transfer of critical technology and undermining the joint U.S.-Korea efforts to inhibit Chinese influence.
The congressman also emphasized that Korea Zinc’s technology for secondary battery materials, which was designated as a core national technology and a national high-tech strategic technology in Korea, is essential for maintaining the competitiveness of Korea's battery industry against heavily subsidized Chinese companies. He stressed the need for government-level measures to protect this technology.
He also called to attention the recent transfer of the Minerals Security Partnership (MSP) chairmanship from the U.S. to Korea, stating that China's aggressive export controls on critical materials such as gallium, germanium, antimony, and graphite further amplify the importance of U.S.-Korea collaborations and thorough transaction reviews to strengthen supply chains.
Swalwell also called for active involvement from the U.S. government regarding the Korea Zinc situation. He emphasized that decisions surrounding the issue should consider its impact on the national security and economies of both countries and urged the U.S. government to closely collaborate with Korea’s Ministry of Foreign Affairs and Ministry of Trade, Industry, and Energy.
Meanwhile, the Critical Materials Caucus is a coalition of U.S. House members formed to ensure stable supply chains for critical minerals. The group focuses on strengthening global resource security and enhancing economic resilience.
Rep. Swalwell’s Letter to Undersecretary Fernandez (Image: Rep. Eric Swalwell)
Rep. Swalwell’s Letter to Undersecretary Fernandez (Image: Rep. Eric Swalwell)
KYIV, Ukraine (AP) — North Korean troops are suffering heavy losses in the fighting in Russia's Kursk region and facing logistical difficulties as a result of Ukrainian attacks, Ukraine’s military intelligence said Thursday.
The intelligence agency, known under its acronym GUR, said Ukrainian strikes near Novoivanovka inflicted heavy casualties on North Korean units. It said North Korean troops also faced supply issues and even shortages of drinking water.
Ukrainian President Volodymyr Zelenskyy said earlier this week that 3,000 North Korean troops have been killed and wounded in the fighting in the Kursk region. It marked the first significant estimate by Ukraine of North Korean casualties several weeks after Kyiv announced that North Korea had sent 10,000 to 12,000 troops to Russia to help it in the almost 3-year war.
The casualty disclosure came as the Biden administration was pressing to send as much military aid as possible to Ukraine before President-elect Donald Trump takes over in January.
Ukrainian forces launched an incursion into the Kursk region in August, dealing a significant blow to Russia's prestige and forcing it to deploy some of its troops from eastern Ukraine, where they were pressing a slow-moving offensive.
The Russian army has been able to reclaim some territory in the Kursk region from Ukrainian forces, but has failed to fully dislodge them.
At the same time, Russia has sought to break Ukraine's resistance with waves of strikes with cruise missiles and drones against Ukraine's power grid and other infrastructure.
The latest attack on Christmas morning involved 78 missiles and 106 drones, striking power facilities, Ukraine’s air force said. It claimed to have intercepted 59 missiles and 54 drones and jammed 52 other drones.
On Thursday, Russia attacked Ukraine with 31 exploding drones. Twenty were shot down and another 11 didn’t reach their target due to jamming, the Ukrainian air force said.
As part of the daily barrage, Russian forces also struck a central market in Nikopol in the Dnipropetrovsk region with a drone, wounding eight people, according to local authorities.
Russian President Vladimir Putin threatened Thursday that Russia could again hit Ukraine with the new Oreshnik hypersonic ballistic missile that was first used in a Nov. 21 strike on the Ukrainian city of Dnipro.
Speaking to reporters, Putin said Russia has just a few Oreshnik missiles, but added that it wouldn't hesitate to use them on Ukraine.
“We aren't in a rush to use them, because those are powerful weapons intended for certain tasks,” he said. “But we wouldn't exclude their use today or tomorrow if necessary.”
Putin said Russia has launched serial production of the new weapon and reaffirmed a plan to deploy some of Oreshnik missiles to Russia's neighbor and ally Belarus. Belarus' authoritarian President Alexander Lukashenko told reporters Thursday that his country could host 10 or more.
Ukraine struck back with drone strikes of its own. Ukraine’s Center for Strategic Communications said the military struck a plant in Kamensk-Shakhtynsky in Russia’s southern Rostov region that produces propellant for ballistic missiles.
“This strike is part of a comprehensive campaign to weaken the capabilities of the Russian armed forces to carry out terrorist attacks against Ukrainian civilians,” it said in a statement.
A Ukrainian AS-90 self-propelled artillery vehicle fires towards Russian positions at the frontline on Pokrovsk direction, Donetsk region, Ukraine, Wednesday, Dec. 23, 2024. (AP Photo/Evgeniy Maloletka)
A medic treats an injured Ukrainian serviceman at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Monday, Dec. 23, 2024. (AP Photo/Evgeniy Maloletka)
An injured Ukrainian serviceman walks out of an ambulance at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Tuesday, Dec. 24, 2024. (AP Photo/Evgeniy Maloletka)
Injured Ukrainian servicemen arrive from the battlefield at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Monday, Dec. 23, 2024. (AP Photo/Evgeniy Maloletka)
Medics haul an injured Ukrainian serviceman on a stretcher from an ambulance at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Tuesday, Dec. 24, 2024. (AP Photo/Evgeniy Maloletka)
A medic treats an injured Ukrainian serviceman at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Monday, Dec. 23, 2024. (AP Photo/Evgeniy Maloletka)
A medic checks the ear of an injured Ukrainian serviceman at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Tuesday, Dec. 24, 2024. (AP Photo/Evgeniy Maloletka)
A medic helps an injured Ukrainian serviceman walk out of an ambulance at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Tuesday, Dec. 24, 2024. (AP Photo/Evgeniy Maloletka)
An injured Ukrainian serviceman takes off his shirt after arriving from the battlefield at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Monday, Dec. 23, 2024. (AP Photo/Evgeniy Maloletka)
A medic treats an injured Ukrainian serviceman at Medical Service "Ulf" of the 108th Separate Battalion "Da Vinci Wolves" on Pokrovsk direction, Ukraine, Monday, Dec. 23, 2024. (AP Photo/Evgeniy Maloletka)
