A hostile $1.5 billion takeover bid for Korea Zinc has thrown the future of one of the biggest portfolios of renewable energy and hydrogen interests in Queensland into doubt, raising fears over billions of dollars of proposed investment and hundreds of jobs.

The bidder for control of the world’s biggest zinc refiner, Seoul-based private equity firm MBK along with existing Korea Zinc shareholder Young Poong Group, is expected to look to change the direction of the group, focusing on its core zinc operations and moving away from renewable energy and hydrogen investments.