RTX (RTX) said Friday it has signed a memorandum of understanding with Tawazun Council and Emirates Global Aluminium to establish Emirates Global Aluminium as a new producer of gallium.
Gallium is a mineral used in different sectors, including in the production of semiconductors, electric vehicles, medical devices and telecom infrastructure.
Under the initiative, EGA's alumina refinery in Abu Dhabi will be equipped with gallium extraction and refining capabilities, making the United Arab Emirates the world's second-largest producer of gallium.
RTX and EGA expect to sign an agreement to conduct a feasibility study for a high-purity gallium plant at EGA's Al Taweelah alumina refinery.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.