Atlantic Alumina Company said on Friday it has secured an additional $350 million from its majority shareholder, Concord Resources Holdings, and the Department of War for the revival of its Gramercy facility in Louisiana.
ATALCO’s new deal with the U.S. department, Concord and a fund managed by Pinnacle Asset Management brings total funding for its Gramercy refinery to $800 million this year. The Pinnacle fund is Concord’s largest shareholder.
The financing, split evenly between $400 million from the Department of War and $400 million from private investors, will support the revival of the refinery, which ATALCO said is the only producer of smelter-grade alumina in the U.S.
The funding builds on a $450 million public-private investment announced in January.
The Trump administration has ramped up efforts to secure U.S. supply chains for critical minerals, including shifting some federal support from grants to direct equity stakes, as Washington seeks to reduce reliance on market leader China.
ATALCO said it has expanded alumina production and built a pilot facility to recover primary gallium, with testing underway and first domestic production expected this fall.
Gallium is used in defense, aerospace and semiconductor sectors, while alumina is a key input for aluminum producers and industries such as automotive, oil refining, ceramics and water treatment.
(Reporting by Pranav Mathur in Bengaluru; Editing by Leroy Leo)
