Prime Minister urged to interview in Foreign Investment Review Board process for Korea Zinc

Premier Steven Miles and maverick MP Bob Katter have both urged the Prime Minister to stop the “hostile takeover” of Sun Metals, which risks 1000 Townsville jobs.

Premier Steven Miles urged the Australian Government to use its powers to block a takeover of Korea Zinc, which he said had enormous economic impacts for Townsville as well as for the direction the government sought to take with powering heavy industry with renewables. Picture: Adam Head

Prime Minister Anthony Albanese has been urged to intervene in a takeover bid for Sun Metals zinc refinery by Premier Steven Miles and by maverick federal MP Bob Katter, as the change of ownership risks 1000 Townsville jobs.

Mr Miles addressed the bid on day one on the election campaign trail in Townsville as he urged the Federal Government to use its powers to negate the Foreign Investment Review Board process.

The current owner Korea Zinc was “showing the way” in providing green hydrogen to heavy industry through Sun Metals sister company Ark Energy.

The FIRB was considering a $1.5bn bid from South Korean zinc producer Young Poong and private equity fund MBK Partner for a 40 per cent stake in Korea Zinc.

“I’m very concerned about this, this could impact Townsville in the same way as closing Queensland Nickel,” Mr Miles said.

Mundingburra MP Les Walker and former Townsville mayor Jenny Hill, joined Sun Metals' Simon Sleigh and concerned zinc refinery workers to fight the hostile takeover. Picture: Leighton Smith.

“Sun Metals is the biggest private sector employer here but they are also at the forefront of our economic plan.

“They are demonstrating in real actions, in real investments how by delivering … firmed renewable energy to our heavy industries we can protect our existing jobs and attract the jobs of the future.

“I would urge the Australian Government to use all of the powers under the Foreign Investment Review Board process to protect those jobs in Townsville, it’s absolutely critical for Townsville and our state, and I’m sure you can see how aligned their direction is with the direction that we intend to take Queensland in.

“We can’t afford that project to fail.”

Bob Katter described the attempted take over of Korea Zinc as “Monopoly games” as he accused the private equity firm of not knowing the difference between Kryptonite and zinc. Picture: NewsWire / Martin Ollman

Federal MP Bob Katter said he addressed concerns of the “hostile” takeover directly with Prime Minister Anthony Albanese through a question in writing, after receiving an update from Australian Principal of Korea Zinc Michael Choi.

Mr Katter had little confidence in FIRB’s decision making for the national interest, and has criticised their past decisions.

“Korea Zinc have been a positive player in the north for over 20 years,” Mr Katter said.

“They have been extremely good corporate citizens, having built a strong relationship with their workforce and reinvested back into the community and industry.

“Now, a bunch of boardroom sharks that wouldn’t know the difference between zinc and Kryptonite want to play Monopoly games, they will conquer and divide with absolutely disastrous outcomes.”

Originally published as Prime Minister urged to interview in Foreign Investment Review Board process for Korea Zinc