Atlantic Alumina and Concord Resources welcome the issuance of guidance on the United States Inflation Reduction Act (IRA) 45X Advanced Manufacturing Production Credits. The Department of the Treasury and the Internal Revenue Service recently issued guidance on the United States Inflation Reduction Act (“IRA”) - 45X Advanced Manufacturing Production Credit, a significant legislation that supports continued domestic production and further advancement of critical minerals and products.
Atlantic Alumina is pleased that the Gramercy alumina refinery will qualify for the 45X credits under the critical minerals section of this legislation. Section 45X(c)(6) of the Inflation Reduction Act provides a list of 50 minerals that when converted or purified to specified purities are considered an “applicable critical mineral” for purposes of the 45X Advanced Manufacturing Production Credit, which includes the production of aluminium oxide (alumina).
Mark Hansen, CEO of Concord Resources stated, “as the sole alumina refinery in the United States, the Gramercy operation has never been more critical to its customers, the US and Jamaican communities in which we operate, and the continued security, evolution and advancement of US mineral manufacturing. 45X provides essential support to help protect this critical component of the US aluminium industry and wider manufacturing supply chains that plays a crucial role in national security, renewable energy development, and economic advancements, whilst supporting over 500 direct jobs and the local economy in Louisiana.”
He added, “we applaud the Biden Administration and the Congressional delegations on both sides of the aisle that developed and supported this important legislation, as well as thank the United Steelworkers for all their support throughout this process.”
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