Ann: Fully Underwritten Equity Raising - Approximately A$425M, page-37

A potential Lynas acquisition, JV partner?

https://www.australianmining.com.au/news/iluka-to-become-wa-rare-earths-producer/
Another source for ROW magnet metals would be good from the standpoint XXROW planning. Right now XXROW out in the cold for years to come with current production.

"Iluka is also charging ahead with plans to demerge its royalty business from its mineral sands business.

The board of Iluka has approved of the demerger, which will be called Deterra Royalties, with Iluka increasing the level of shareholding in the company from 15 per cent to 20 per cent as a result of uncertainties posed by COVID-19.

The proposed demerger will carry Iluka’s royalty over the BHP-operated Mining Area C iron ore operation in Western Australia as a key asset.

“We are actively progressing the demerger which we expect to complete in the second half,” O’Leary said.

“This will be an important milestone for the company and result in two high quality businesses.”