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...