I didn't realise Iluka was offered a $1.25 billion non-resource loan from the Australian Government's Critical Minerals Facility back in April....anything is possible.

Australia’s first integrated rare earths refinery

Perth-based company Iluka Resources is set to build Australia’s first integrated rare earths refinery at Eneabba, Western Australia, following a final investment decision earlier this week.

Perth-based company Iluka Resources is set to build Australia’s first integrated rare earths refinery at Eneabba, Western Australia, following a final investment decision earlier this week.

The $1.2 billion project will produce high-value separated rare earth oxides (neodymium, dysprosium, praseodymium and terbium), critical to a range of technologies including electrical vehicles, clean energy generation, advanced electronics, and medical and defence applications.

The refinery will have a production capacity of 17,500 tonnes per annum of rare earth oxides and has been designed specifically with the capability to process feedstocks sourced from both Iluka and a range of potential third parties.

Construction is expected to commence later this year, with first production earmarked for 2025.

The project is strongly aligned with the objectives of the Western Australian Government’s Future Battery and Critical Minerals Industries Strategy, to develop a world-leading, sustainable and value-adding battery and critical minerals sector that provides local jobs and supports economic development and diversification.

The Department of Jobs, Tourism Science and Innovation have been supporting the development which is expected to create direct employment of approximately 300 construction jobs and around 270 jobs once operational.

The project is being funded by Iluka Resources and the Australian Government, including a $1.25 billion non-recourse loan under the Australian Government’s Critical Minerals Facility. This is the largest announcement under the $2 billion Critical Minerals Facility, recognising WA’s strategic role in meeting growing global demand for critical minerals.

To read more about the Future Battery and Critical Minerals Industries Strategy, visit Western Australia's Future Battery Industry (www.wa.gov.au)

Page reviewed 13 April 2022

https://www.wa.gov.au/government/announcements/australias-first-integrated-rare-earths-refinery

Iluka 2022 Half Year Results Presentation (iguana2.com)