Korea Zinc’s management control battle will move to the March annual general meeting after Choi Yun-beom’s camp won the audit committee appointment vote at an extraordinary shareholders meeting on the 9th. Eight director seats and one separately elected audit committee seat will be filled, with five Choi-aligned and three MBK Partners-Young Poong-aligned directors among the terms expiring. The current 12-7 board split is therefore expected to change. Because the two sides control roughly 38% and 41% in combined friendly stakes, market participants see a possible 4-4 division of the incoming director seats. Choi’s camp is viewed as having the advantage in the audit committee vote, potentially producing five new Choi-aligned directors and four from MBK-Young Poong and shifting the board to 11-8. Another major variable is MBK’s call option to buy about 2.57 million Korea Zinc shares, or roughly 12%, from Young Poong. The exercise window opens in October, although the undisclosed contract terms leave the timing, volume and resulting ownership structure uncertain.