MBK-Young Poong alliance slams Korea Zinc's criminal complaint over US project name

Korea Zinc on Wednesday filed a criminal complaint against its largest shareholders, MBK Partners and Young Poong, over the alleged unauthorized use of the name of “Project Crucible,” the integrated smelter project the company is pursuing in partnership with the U.S. government. MBK and Young Poong immediately pushed back, accusing Korea Zinc of undermining legitimate shareholder activities and calling the complaint a “serious infringement” of shareholder rights. The project, which involves a planned $7.4 billion investment in Tennessee, aims to begin trial operations in 2029 to produce critical minerals and semiconductor-grade sulfuric acid. The complaint marks another escalation in the protracted ownership battle between Korea Zinc and the MBK-Young Poong alliance. Korea Zinc alleges that the alliance registered a domain name combining the project name with the state of Tennessee on June 27 and distributed invitations in early July for a reception attended by Tennessee government officials that featured the Project Crucible name. The company claims those actions created the imp