Looks like our future "competition" is having a few problems...

Looks like our future "competition" is having a few problems !!!! Lol....

Iluka to spend more on Eneabba
Alexandra Eastwood 18/12/23

Iluka’s Eneabba rare earths refinery is set to cost the company more than expected due to the challenging environment its located in.Front end engineering and design (FEED) for the project was expected to be completed by the end of 2023, but Iluka is now looking to a revised timeline of the first quarter of 2024.It is also expected that the refinery will cost $300 million more than previously thought.“Iluka has previously noted the challenging project environment in Western Australia, which will impact expected capital costs,” the company said in a statement.“Market consensus has the capital cost range for the project between $1.3 billion and $1.6 billion, with an average of $1.5 billion.

FEED work undertaken to date indicates the capital cost may be up to 20 per cent above that average.” The challenging project environment is in reference to labour shortages and supply chain constraints in the state.Iluka is working with Fluor Australia to complete FEED construction and preliminary FEED materials have indicated that commissioning of the refinery is now scheduled to take place in 2026.

As reported in The Australian Financial Review, a spokesperson for Federal Resources Minister Madeleine King said Export Finance Australia is set to hold talks with Iluka over the cost increase.“The government remains committed to supporting the Australian critical minerals sector and is providing support of a $1.25 billion financing package to Iluka for their Eneabba project,” the spokesperson said. “Export Finance Australia, which manages the loan to Iluka for the government under the Critical Minerals Facility, will work with Iluka to discuss how Iluka can address the cost increase and next steps, like it would with any borrower.”