Market cap: AU$1.806 billion; share price: AU$6.31
Iluka Resources is working to develop its Eneabba rare earths refinery in Western Australia with a loan from the Australian government, which has made a significant commitment to increase its global share of the rare earths market through the development of the country’s largely untapped rare earths reserves.
The Australian Government is providing a AU$1.25 billion non-recourse loan to Iluka under the AU$2 billion Critical Minerals Facility administered by Export Finance Australia.
The refinery Company Profilewill be fully integrated for the production of light and heavy separated rare earth oxides and will be capable of processing material from Iluka’s feedstocks, as well as from third-party suppliers. The company expects first production to commence in 2025. The company has an agreement with Northern Minerals(ASX:NTU) for the supply of rare earths concentrate from Northern Minerals' Browns Range project.
The company's Wimmera project in Victoria involves the mining and beneficiation of a fine-grained heavy mineral sands orebody in Victoria's Murray basin for the potential long-term supply of zircon and rare earths. A definitive feasibility study on Wimmera is slated for completion at the end of 2025.
