JPMorgan's National-Security Project Lends to $7.4 Billion Zinc-Mining Deal -- WSJ

Dow Jones12-16

By Alexander Saeedy

JPMorgan Chase advised on and financed a $7.4 billion deal for Korea Zinc to construct the largest zinc smelter in the U.S., part of the bank's national-security funding push, people familiar with the matter said.

To help construct the smelter in Tennessee, the U.S. government and outside investors will provide about $2.2 billion of equity capital. JPMorgan and the U.S. government are supplying the rest of the project costs through debt financing, the people said.

JPMorgan has committed to financing $1.5 trillion in national security-related deals in the next 10 years.

Once finished, the smelter will produce 11 metal products that are designated as "critical minerals" by the government.

"Korea Zinc's critical minerals project in Tennessee is a transformational deal for America," Secretary of Commerce Howard Lutnick said.

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December 15, 2025 11:11 ET (16:11 GMT)

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