五角大楼入股韩国炼锌厂，藏着美国战略野心

Group 1 - The U.S. Department of Defense (DoD) is investing in a zinc smelting plant in Tennessee in collaboration with Korea Zinc Company, acquiring a 40% stake for $7.4 billion, making it the largest shareholder [2] - The smelting plant is expected to produce approximately 540,000 tons annually, and Korea Zinc will sell $1.9 billion worth of new shares to the U.S. government and a joint venture controlled by U.S. strategic investors [2] - The DoD has previously invested $400 million for a 15% stake in MP Materials, the only operating rare earth mine in the U.S., and plans to acquire 10% of Intel, indicating a shift towards investment banking-like activities [2][3] Group 2 - The recent acquisitions by the DoD stem from the "Big and Beautiful" Act, which aims to reshape U.S. industry by increasing debt by approximately $4.1 trillion over ten years through cuts in public healthcare and green industry subsidies [3] - The Act provides $500 million in credit subsidies to the DoD's Strategic Capital Office, creating up to $100 billion in available loan funds for critical mineral production and related projects [3] - The investment strategy of the Strategic Capital Office is evolving from mid-term investments in key industries to a model that includes control over investments, reflecting concerns over supply chain stability for critical minerals [3][4] Group 3 - The investment in the Korean smelting plant marks the first time the DoD is acting as a government shareholder in a foreign critical mineral enterprise [4] - The U.S. has been actively engaging with South Korea to enhance domestic production of strategic minerals, with discussions initiated during a business roundtable in Washington [4][5] - The DoD's recent actions are part of a broader strategy to establish new strategic supply chains outside of China, as indicated by the White House's commitment to reduce reliance on foreign critical minerals [7][8] Group 4 - The DoD's entry into the Korean smelting plant has faced opposition from Korea Zinc's major shareholders, who are concerned about potential dilution of their shares [7] - The reliance of South Korea on Chinese mineral supplies complicates the situation, as significant portions of essential materials like germanium are sourced from China [7] - Despite the aggressive moves by the DoD, challenges remain in addressing the technical difficulties associated with rare earth refining, which may persist for at least a decade [8]