Alcoa shares rise 2.39% premarket after announcing a joint development agreement for gallium production in Australia.

Alcoa Corporation rose 2.39% in premarket trading, driven by the announcement of a Joint Development Agreement with Japan Australia Gallium Associates Pty Ltd to explore the feasibility of a gallium project in Western Australia. This project aims to produce gallium, a critical mineral used in semiconductors and the defense industry, aligning with the growing demand for electric cars, mobile devices, and other electronic items. The collaboration with Sojitz Corporation and Japan Organization for Metals and Energy Security (JOGMEC) indicates a strategic move to capitalize on the increasing demand for gallium, which is expected to boost the company's future prospects.