Manna signed a letter of intent to acquire a 1,300-acre area in Los Lunas, where it will develop the mill and recycling centre.
The mill’s construction is scheduled to begin by late next year, with manufacturing due to start in 2026.
The facility will have an annual production capacity of up to 1.3 billion pounds of aluminium and require an investment of more than $2bn to develop.
It will create more than 950 jobs and is expected to have an economic impact of $3.4bn over the next decade.
Manna Capital Partners managing partner Ulysses ‘Junior’ Bridgeman said: “At Manna, we are always looking for new ways to invest in companies that are doing good for the planet and people while improving opportunities that support minority owned-business enterprises.
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“We look forward to partnering with Ball, a leader in the beverage packaging industry, to improve supply chain efficiencies through domestic production of more sustainable aluminium.”
Manna selected New Mexico as the mill’s location for its competitive business environment and convenient transportation networks, including its rail service, as well as the growth in can-making facilities across the south-western US.
The state has committed to investing $5m from its Local Economic Development Act (LEDA) job creation fund to support the project.
New Mexico Governor Lujan Grisham said: “The partnerships we have built to create and grow a renewable energy economy in New Mexico are appealing to businesses as they look for friendly locations to expand.
“Aluminium that is produced with a low-carbon footprint is in demand as customers continue to push for sustainability, and this innovative new project in Valencia County positions New Mexico to benefit from this industry.”