SEOUL, Nov. 23 (Yonhap) -- Hanwha Corp., the de facto holding company of South Korean defense-to-chemicals conglomerate Hanwha Group, said Wednesday it is joining hands with major non-ferrous metal smelter Korea Zinc Inc. for collaboration in areas including green energy and minerals development.
Under the partnership, Hanwha will participate in various green energy projects under way overseas by Korea Zinc, such as building facilities for ammonia cracking and carbon capture, as well as hydrogen fuel cells and hydrogen gas turbine power plants, the company said.
Hanwha will also take part in the exploration and development of natural resources, a primary segment for Korea Zinc, by supplying its advanced blasting equipment for mining, such as gun powders and electronic detonators.
Korea Zinc will participate in Hanwha's blue ammonia project currently under way in the United States and an onshore wind farm project.
The partnership comes with a stock swap between the two companies, Hanwha added. Hanwha will exchange 7.3 percent of its treasury stocks with Korea Zinc's 1.2 percent worth of its own shares.
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