Alcoa

Getting international approval for gallium production in Australia matters because China controls roughly 90% of global gallium supply and has already used export curbs on the metal as leverage in trade disputes. Gallium is essential for semiconductors and defence electronics, which makes any Western alternative supply chain a strategic asset, not just a mining project. Alcoa diversifying into critical minerals alongside its core aluminium business signals miners are reading the same geopolitical risk map as governments. Expect Canberra and Washington to both want a piece of the offtake agreements once production scales.