April 4 (Reuters) - Australian mineral sands explorer Iluka Resources (ILU) said on Monday it received board approval for phase three of its Eneabba Rare Earths Refinery project in Western Australia.
Iluka said that the refinery, with a total rare earth oxide production capacity of 17,500 tonnes per year, will cost between between A$1 billion and A$1.2 billion ($749-899 million).
The final investment decision comes after the project received support from Australia's government, whose critical minerals policy is aimed at increasing domestic production of rare earth minerals to circumvent threats of supply disruptions from top supplier China.
The company added that it has reached a risk sharing agreement with the government, which includes a A$1.05 billion loan facility.
Iluka expects to begin construction of the refinery in the latter half of 2022, with production of rare earths anticipated in 2025.
($1 = 1.3351 Australian dollars)
News: ILU Australia's Iluka Resources approves Eneabba rare earths refinery
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