Korea Zinc will hold an extraordinary shareholders' meeting on September 9 to elect separate audit committee members and independent directors. The company also approved an investment in the Richmond Valley Project, a renewable energy development initiative in Australia.
On July 21, Korea Zinc convened an extraordinary board meeting to finalize the agenda for the upcoming shareholders' meeting. The meeting is scheduled for 10 a.m. on September 9 at the Grand Ballroom of the Mondrian Hotel in Yongsan, Seoul.
The agenda includes amendments to the articles of incorporation to expand the separate election of audit committee members, the election of four directors through cumulative voting, and the appointment of independent directors to the audit committee. According to revised commercial law and interpretations from the Ministry of Justice, large listed companies must elect at least two separate audit committee members by September 10.
Korea Zinc had proposed related items at its regular shareholders' meeting in March, but they were rejected due to opposition from MBK Partners and Youngpoong. The same items will be addressed again at this extraordinary meeting.
Additionally, the company will appoint four independent directors through cumulative voting to fill vacancies created by the resignation of four independent directors in June. This agenda item was proposed by Korea Zinc's shareholders, Yumi Development and the MBK-Youngpoong alliance.
A Korea Zinc official stated, "We have been working on amending the articles of incorporation to respond to the implementation of the revised commercial law regarding the expansion of separate election of audit committee members. This extraordinary meeting aims to enhance the stability of board operations and continue efforts to improve shareholder value and governance structure."
During the extraordinary board meeting, the company also approved an investment in the Richmond Valley Project, which is being pursued by its Australian subsidiary, Arc Energy. This project involves the integrated construction of a battery energy storage system (BESS) and a solar power plant in New South Wales, Australia.
The project will have a storage capacity of 2,200 MWh and a generation capacity of 200 MW, with an operational period of 40 years. It was selected as a long-term energy services contractor (LTESA) by the New South Wales government in 2023, securing a stable revenue base.
The company expects that integrating the BESS and solar power plant will reduce capital and operational costs while increasing generation efficiency.
Korea Zinc has decided to invest in Sun Metals Holdings (SMH), the parent company of Arc Energy, to fund the construction and operation of the project.
A Korea Zinc official remarked, "The Richmond Valley Project is a key initiative in our strategy for business diversification, green energy procurement, and securing stable revenue sources. This investment will play a crucial role in the successful advancement of the project and the establishment of a long-term revenue base."
Meanwhile, the management dispute at Korea Zinc has entered its third year. The alliance of Youngpoong and MBK Partners continues to engage in a fierce battle with Chairman Choi Yoon-bum over control of management, involving public offerings, capital increases, and board dominance.
* This article has been translated by AI.
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