News: Suppliers
2 September 2026
ATALCO reaches $800m in funding for alumina refinery
Atlantic Alumina Company LLC (ATALCO, the only operating alumina refinery in the USA) has expanded its partnership with the US Department of War’s (DoW) Office of the Under Secretary of War for Acquisition & Sustainment, the Economic Defense Unit, and natural resource company Concord Resources Holdings Ltd (ATALCO’s majority owner), in conjunction with Concord’s majority shareholder (a fund managed by New York-based commodities investment firm Pinnacle Asset Management L.P). The new funding, in the form of $350m in preferred equity, brings total capital raised for the ATALCO facility in Gramercy, Louisiana and its critical mineral production to $800m since the start of the year, split evenly between $400m from the DoW and $400m from private investors through Pinnacle’s fund.
Commissioned in 1959, ATALCO’s Gramercy facility is the only US producer of smelter-grade alumina, the essential raw material for aluminium metal required in the aerospace, defense and automotive sectors. The firm also produces chemical-grade alumina used for important industrial operations, including in catalysts for oil and gas refineries, refractories, fire suppressants, ceramic casings for semiconductors, and municipal water treatment. Notably, the State of Louisiana under Governor Jeff Landry recently announced an executive order prioritizing the production of alumina and gallium, which have been designated critical minerals by the US Government.
Building on the initial investment announced in January, ATALCO has significantly expanded its alumina production capabilities and constructed a pilot primary gallium production facility at its Gramercy refinery, which is now undergoing testing. This Fall, the firm expects to deliver the USA’s first domestic primary production of gallium, recovered simultaneously with alumina during the refining process.
This public–private partnership funds the revitalization of the Gramercy facility’s operations, securing ATALCO’s ability to provide the USA with the alumina needed for industrial supply chains across the country and supporting over 500 jobs. Building on the pilot facility now nearing first production, the firm expects to produce up to 50 metric tons of gallium per year at the Gramercy facility. To advance critical mineral independence in the USA, ATALCO will also begin R&D on the processing of other critical minerals recovered from its bauxite residue.
“We are pleased to secure the domestic supply chain for alumina and gallium, building America’s critical mineral resilience in commodity markets that have historically been dominated by China,” says ATALCO. “With $800m of combined public and private capital behind this facility, we are on a clear path to supplying America’s aluminium smelters as well as producers of aerospace and defense systems with the alumina and gallium needed to move the country forward,” it adds.
Through joint public and private investment, ATALCO has raised $800m to support the revitalization of the facility’s production circuit, with $400m from the DoW and $400m from private investors. This includes the $450m partnership previously announced in January and an additional $350m of capital committed since then.
“Investing in American critical minerals and commodities is at the center of our investment thesis,” says Jason Kellman, chief investment officer at Pinnacle Asset Management. “ATALCO’s ability to meet the needs of US industries with a reliable supply of alumina as well as the only domestically produced primary gallium demonstrates the impact of public–private collaboration in securing industrial supply chains,” he adds.
“With many of the country’s most important industries reliant on alumina and gallium – including defense, aerospace, and energy – this investment will have a meaningful impact on America’s critical mineral independence and defense industrial base,” believes Pinnacle’s managing partner Scott Kellman.
