Pyeongtaek Refinery Complex · 2026 – 2035

Korea's next non-ferrous
metals refining hub

CNP Corporation is developing an international-standard, environmentally responsible copper, zinc and molybdenum refinery complex in the Hyeondeok District of Pyeongtaek, Korea.

View investment overview Explore the project
4.33B USD Total project investment
300kt/y Copper refining capacity
100kt/y+ Zinc refining capacity
3,000t/y Molybdenum capacity
2.32km² Coastal site, Pyeongtaek Port

Investment Highlights

Why this project

In a market where most mineral concentrates leave Korea without secondary processing, domestic refining capacity is national industrial competitiveness.

Capture the value at home

Most mineral concentrates leave Korea unrefined. Building domestic refining capacity internalizes significantly higher margins and directly supports downstream industries.

Port-direct logistics

A coastal site beside Pyeongtaek Port connects raw material import and product export directly at the harbor, inside the YESFEZ industrial ecosystem with 3 airports, 2 ports, 15 highways and 6 railways.

Phased, risk-managed development

Three sequential phases over ten years spread the funding burden and expand capacity on proven performance — a structurally disciplined approach to capital deployment.

Dedicated operating infrastructure

On-site dedicated power infrastructure secures a stable electricity supply, while international-standard processes minimize waste and recover valuable by-products.

Project Overview

A refinery complex
built on the coast

The project site is located in the Hyeondeok District of Pyeongtaek, on the hinterland of Pyeongtaek Port — a coastal location where every step, from raw concentrate intake to shipment of high-purity metal products, connects directly to deep-water port facilities. The port's bulk berths and the surrounding logistics network underpin the project's cost competitiveness.

  • Location — Hyeondeok District, Pyeongtaek, Gyeonggi Province (Port hinterland)
  • Site — approx. 2.32 km² refinery complex
  • Period — 2026 groundbreaking to 2035 completion (10 years)
  • Standards — international-standard, environmentally responsible processing
3 Airports 2 Ports 15 Highways 6 Railways
Coastal industrial port area near Pyeongtaek at dawn — harbor cranes and cargo ships at anchor
Coastal port area near Pyeongtaek — raw material import and product export connect directly at the harbor

Phased Development

Three-phase development plan

Each phase begins generating returns on completion, and each phase's track record becomes the credibility base for the next round of investment.

Phase 1

2026 – 2029

Copper refinery foundation

  • 200,000 t/y copper refining capacity
  • Dedicated power and site infrastructure
  • Foundation for subsequent phases

Investment USD 2.40B · 55.4% of total

Phase 2

2030 – 2032

Zinc & molybdenum expansion

  • 100,000 t/y zinc refining capacity
  • 3,000 t/y molybdenum facilities
  • By-product recovery systems

Investment USD 0.86B · 19.9% of total

Phase 3

2033 – 2035

Expansion & integration

  • +100,000 t/y copper expansion
  • Zinc capacity expansion
  • Full integration and debottlenecking

Investment USD 1.07B · 24.7% of total

Target total capacity

Copper 300,000 t/y · Zinc 100,000+ t/y · Molybdenum 3,000 t/y

Refining Process

From concentrate to high-purity metal, in five steps

From roasting to casting, the entire process is monitored in real time by a distributed digital control system (DCS), managing product purity at every stage.

01

Roasting

Concentrate is oxidized at ~950°C to produce calcine; the SO₂ off-gas stream is captured and converted to sulfuric acid.

02

Leaching

Calcine is dissolved in sulfuric acid, with impurities removed as iron oxide residue.

03

Purification

Remaining impurities (Cu, Mo, Cd, Co, Ni) are cemented out with zinc powder, producing a high-purity electrolyte.

04

Electrolysis

Pure metal is deposited on cathodes, with high electrical efficiency and product purity as the governing metrics.

05

Casting

Cathodes are melted and cast into SHG slabs, ingots, anodes or alloy jumbo blocks — the final product forms.

Interior of a copper electrolysis tankhouse — copper cathode plates submerged in cells beneath overhead cranes
Refined copper cathode bundles and palletized stacks of zinc ingots in a finished-products warehouse
High-purity finished products — copper cathodes and zinc ingots

Products & Quality

A product portfolio built to international standards

Copper, zinc and molybdenum products are core materials for the electronics, automotive, construction and energy industries. Sulfuric acid and gypsum generated during refining are also recovered as saleable products, maximizing resource circularity.

  • Cu
    High-purity copper cathodeElectro-refined, LME-grade copper products
  • Zn
    SHG zinc slabs & ingotsSpecial high-grade zinc at 99.995%+ purity
  • Zn
    Zinc alloy jumbo blocks & anode ingotsCustomer-specified alloys and anode products
  • Mo
    Molybdenum productsHigh-purity molybdenum for specialty steel and chemicals
  • ↺
    By-product recovery — sulfuric acid & gypsumProcess by-products commercialized as resources

Investment Overview

Investment overview

Of the USD 4.33 billion total, 77.1% is allocated to refinery facilities. Power infrastructure is concentrated in Phase 1, underwriting operating stability across all later phases.

Investment structure by phase (USD billions)
Category Phase 1
2026–2029		 Phase 2
2030–2032		 Phase 3
2033–2035		 Total
Refinery — construction & equipment 1.20 0.70 0.86 2.76
Refinery — systems & facilities 0.21 0.16 0.21 0.58
Dedicated power infrastructure 0.99 — — 0.99
Total 2.40 0.86 1.07 4.33

Figures are based on the revised and unified cost structure of October 2026. Detailed breakdowns are provided to investors through due-diligence materials.

Project Progress & Partnerships

Progress and partnerships

  1. Comprehensive site surveys since 2018 — Multi-year site surveys and data collection across the Hyeondeok District.
  2. Aligned with local development plans — The project is designed to align with the Pyeongtaek local government's industrial development plans.
  3. Cooperative stakeholder relationships — Mutually cooperative relationships established with local authorities and stakeholders.
  4. Feedstock partnerships with resource-rich nations — Foundations created for long-term feedstock security through partnerships with resource-rich countries.
  5. Overseas capital attraction — Overseas investment funds attracted for joint development of the Korean project.
  6. Globally competitive refineries — Focus on building competitive, internationally standard non-ferrous metal refineries and supporting infrastructure.

Contact

Investor & partnership inquiries

We welcome inquiries on the business plan (IR materials), phased investment structure, and feedstock partnerships.

cnpcorporation.com Email us

CNP Corporation Co., Ltd. · Pyeongtaek Refinery Project