A bitter struggle has broken out for control of the world’s biggest zinc smelter, pitting South Korea’s leading private equity firm against an array of big-name industrial groups.
The battle over Korea Zinc is being closely watched in the mining sector because of concerns it could delay the smelter’s annual zinc supply contract negotiations, which serve as a global benchmark. Korea Zinc is a close partner to big resources groups such as Teck Resources and Trafigura.
Michael ByungJu Kim, known as the “godfather of Asian private equity”, is leading a takeover bid aimed at Korea Zinc’s chair Choi Yun-beom, a scion of one of the company’s two founding families.
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