Approved · Waiver · decided in 7 days, 21 May 2026
Alcoa Gallium Holdings, the United States Department of War, and Export Finance Australia are acquiring shares in United States-Australia Gallium Pty Ltd. This SPV will then acquire an interest in a joint venture's assets to develop a gallium production plant in Western Australia. This critical goods project aims to supply gallium for Japanese, US, and Australian industrial use.
Alcoa Gallium Holdings Pty Ltd ( AGH , a wholly owned subsidiary of Alcoa of Australia Limited ( AoA )), the United States Department of War ( DOW ), and the Australian Government (through Export Finance Australia ( EFA )) propose to subscribe to shares in a recently incorporated Australian special purpose vehicle, United States-Australia Gallium Pty Ltd ( United States-Australia Gallium SPV ). United States-Australia Gallium SPV will subsequently acquire an interest in the assets of an unincorporated joint venture ( Gallium UJV ) to be formed between United States-Australia Gallium SPV and Japan Australia Gallium Associates Pty Ltd ( JAGA ). The Gallium UJV will develop, construct and operate a gallium production plant next to AoA's Wagerup alumina refinery in Western Australia (the Gallium Project ). As part of the acquisition, United States-Australia Gallium SPV will acquire an entitlement under the Gallium UJV to take in kind its proportionate share of the Gallium UJV’s gallium production. The acquisition comprises the proposed acquisition of shares in United States-Australia Gallium SPV and the entitlement to gallium offtake from the Gallium Project. The Gallium UJV will start a new business in Australia to develop, manufacture and supply critical goods, specifically gallium, intended for Japanese, US and Australian industrial use, as well as other commercial purposes. AoA is the primary vehicle for Alcoa Corporation's Australian operations. AoA is a major alumina and aluminium producer and its main operations are: mining bauxite at two locations in the Darling Range, Western Australia (Huntly and Willowdale); refining bauxite into alumina at two refineries in Western Australia; operating shipping terminals at Kwinana and Bunbury in Western Australia and Portland in Victoria; and holding a 55% interest in the Portland aluminium smelter in western Victoria, the day-to-day operations of which AoA manages. EFA is the Australian Government's export credit agency, established as a corporation under the Export Finance and Insurance Corporation Act 1991 (Cth). Its purpose is to support Australian export trade, overseas investment and infrastructure development that benefits Australia. EFA's role in the Gallium Project is as an investor supporting the development of the Gallium Project.