Groundbreaking at Alcoa's Wagerup facility in western Australia for a new gallium facility that will support the U.S. Defense Department. Photo: Alcoa Corp.

The Defense Department Monday evening and Tuesday announced nearly $264 million in new awards and financing to strengthen the defense industrial base for critical materials, chemicals and testing capabilities, including a $174 million equity financing investment in an Alcoa Corp. [AA] refinery in Australia for production of gallium. The value of the Alcoa investment is subject to currency rate fluctuations until finalized and supports the establishment of a new production facility at the Pittsburgh-based company’s Wagerup alumina refinery near Perth…