SEOUL, Dec 15 (Reuters) – Korea Zinc’s board will meet on Monday to vote on a plan ​to build a smelter to refine key minerals ‌in the U.S. under a joint venture with the U.S. government and ‌companies, a source familiar with the issue said, adding investments would total 10 trillion won ($6.78 billion).

South Korea’s Yonhap News Agency reported that the U.S. government and companies will hold ⁠a 20% stake ‌in the joint venture with an investment of 2 trillion won, saying the facilities are ‍expected to produce antimony and germanium.

A spokesperson for Korea Zinc was not immediately available for comment.

China dominates the supply of critical ​minerals such as antimony and germanium, used in ‌telecommunications, semiconductors and military technology. Beijing banned exports of these minerals to the U.S. on December 3, 2024, following Washington’s crackdown on China’s chip sector. The ban has been suspended since November.

Korea Zinc is the world’s largest zinc ⁠smelter but also produces antimony ​ingots, as well as other metals ​and minerals.

In August, Korea Zinc agreed with Lockheed Martin to produce germanium using raw materials ‍procured outside China ⁠from 2028 to ensure a stable supply of the materials for the defense and space industries.

Korea Zinc ⁠shares surged 7.5% after media reports of its plans for a ‌U.S. joint venture.

($1 = 1,475.5400 won)

(Reporting by Hyunjoo Jin, ‌Jack KimEditing by Ed Davies)