Alcoa Corporation (NYSE: AA), along with the governments of Australia, Japan, and the United States, has reached a final investment decision to build a gallium production plant at Alcoa's Wagerup alumina refinery in Western Australia, according to a press release from the company.

Alcoa will construct and operate the facility, which is intended to establish a new source of gallium supply for the partner governments. Gallium is used in semiconductors and defense applications, and global supply is currently heavily concentrated among a small number of producers.

"This final investment decision reflects a shared commitment by governments and industry to strengthen critical mineral supply chains among the partners," said William F. Oplinger, President and Chief Executive Officer of Alcoa.

Construction is expected to begin after final site preparations are completed. Alcoa said its participation in the joint venture, including its roles as construction and operating manager, is not expected to have a material impact on the company's financial position or results of operations.