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Australia
Iluka Resources (rare earths)
An ASX-listed mineral sands producer building the Eneabba integrated rare earth refinery in Western Australia, which is to crack monazite and xenotime concentrate and separate NdPr and Dy/Tb oxides, with commissioning scheduled for mid-2027.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- The only binding product offtake announced covers 1,200 t over 2028-2031, about 10% of planned production over that period (Iluka, 22 Jun 2026).
- On Eneabba stockpile feed alone, Iluka expects about 3,500 t/yr NdPr and 170 t/yr DyTb; the 5,500 t/yr NdPr and 750 t/yr Dy/Tb nameplate depends on additional feedstock, and the VHM Goschen, Northern Minerals Browns Range and Iluka Wimmera sources had not reached FID as of Aug 2026 (Iluka, 22 Jun and 19 Aug 2026).
- First production was planned for 2025 at a capex of A$1.0-1.2B (April 2022 FID); commissioning is now scheduled for mid-2027 and the estimate is A$1.7-1.8B.
- Group net debt was A$1,150M at 30 Jun 2026, including A$877M non-recourse rare earths debt, against cash of A$50.6M (Interim Report, 19 Aug 2026).
- Iluka reported a statutory net loss of A$288M for 2025 after A$566M of impairments and inventory write-downs, and a A$23.9M loss for H1 2026; its synthetic rutile kilns and Cataby mine are idle (FY2025 results; Interim Report).
At a glance
- Founded
- 1998 — Formed in 1998 through the merger of RGC Ltd and Westralian Sands Ltd; the Iluka name was adopted in 1999. Deterra Royalties was demerged in 2020 (Iluka retains about 20%). Iluka has operated at Eneabba since the 1970s; the refinery (Phase 3) reached final investment decision in April 2022.
- Headquarters
- Perth, Western Australia, Australia
- Ownership
- Public; ASX: ILU. Substantial holders were not reviewed in a filing for this profile. Iluka holds about 20% of Deterra Royalties.
- Stage
- Developing. Funded by an A$1.65 billion government loan and under construction, with A$1.1 billion spent by July 2026 and commissioning scheduled for mid-2027; no oxide produced yet.
- Listing
- ASX: ILU
Investor relations - Revenue
- A$455.9M total revenue, of which A$432.7M mineral sands revenue; statutory net loss after tax A$23.9M; underlying Group EBITDA A$53.0M
Reported, Half-year to 30 Jun 2026.
Source
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Eneabba refinery feed (rare earth concentrate) | 55,000 t/yr design feed (nameplate) | Under construction | Aug 2026 |
| Eneabba refinery total rare earth oxide output | Up to 23,000 t/yr REO, subject to feedstock (plant capacity with all circuits fully used); 17,500 t/yr was the modeled output from the feed blend at FID in April 2022 | Under construction | Aug 2026 |
| Eneabba refinery NdPr oxide | 5,500 t/yr nameplate with additional third-party feed; about 3,500 t/yr once ramped up on Eneabba stockpile feed only | Under construction | Jun 2026 |
| Eneabba refinery Dy/Tb oxide | 750 t/yr nameplate with additional feed (725 t/yr on Iluka's products page); about 170 t/yr DyTb on stockpile feed only | Under construction | Jun 2026 |
| Balranald heavy mineral concentrate (HMC) produced | 14 kt HMC in H1 2026 (10 kt in Q2 2026), actual; expected to supply about 4,000 t/yr monazite concentrate to Eneabba | Commissioned | Jun 2026 |
| Group zircon/rutile/synthetic rutile production (mineral sands context) | 105.6 kt Z/R/SR in H1 2026 (actual), versus 280 kt in H1 2025; 2026 zircon production guidance about 180 kt | Operating | Jun 2026 |
Narrative
Iluka Resources was formed in 1998 through the merger of RGC Ltd and Westralian Sands Ltd and produces zircon, rutile and synthetic rutile from mineral sands operations in Australia. At Eneabba, Western Australia, it holds a stockpile of heavy mineral concentrate rich in monazite and xenotime, with an Ore Reserve of 1.2 Mt at 81.6% heavy minerals and 17.5% monazite plus xenotime as of December 31, 2025. Iluka made a final investment decision on an integrated rare earth refinery at Eneabba in April 2022, at an estimated capex of A$1.0-1.2 billion with first production planned for 2025, supported by a A$1.25 billion non-recourse Australian Government loan. After front-end engineering, the estimate rose to A$1.7-1.8 billion in December 2023, and in December 2024 the government added A$400 million, bringing the loan to A$1.65 billion; Export Finance Australia confirmed access to the full amount in June 2026, and A$897.5 million was drawn, including capitalized interest, at June 30, 2026. The refinery is designed to treat 55,000 t/yr of concentrate, with a nameplate capacity of up to 23,000 t/yr of rare earth oxides, 5,500 t/yr of NdPr oxide and 750 t/yr of Dy/Tb oxide, subject to feedstock; on stockpile feed alone, Iluka expects about 3,500 t/yr of NdPr and 170 t/yr of DyTb. By July 31, 2026, A$1.1 billion had been spent, engineering was complete and construction was nearing 60%; commissioning is scheduled for mid-2027. No metal or magnet production is planned. In June 2026 Iluka signed its first binding product offtake: 1,200 t of magnet rare earth oxides for an unnamed global automotive company over an initial four years from 2028, on take-or-pay terms with a minimum revenue of US$155 million. Additional feed is planned from Iluka's Balranald mine in New South Wales (about 4,000 t/yr of monazite concentrate expected; commercial production from June 2026, with ramp-up ongoing), the proposed Wimmera project in Victoria (about 15,000 t/yr; definitive feasibility study continuing, no investment decision), a binding offtake for about 6,000 t/yr of concentrate from Lindian Resources' Kangankunde project in Malawi, and conditional supply agreements with VHM (Goschen) and Northern Minerals (Browns Range), both of which depend on those projects reaching a final investment decision.
Where public sources disagree
- Total REO capacity: 17,500 t/yr (WA Government release, 13 Apr 2022; MiningWeekly, 26 Jun 2026) versus up to 23,000 t/yr subject to feedstock (Iluka rare earth products page; H1 2026 presentation, 19 Aug 2026). The April 2022 FID presentation explains the difference: 17.5 ktpa was modeled from the feed blend, 23 ktpa is plant capacity with all circuits fully used.
- Dy/Tb oxide capacity: 750 t/yr (Iluka offtake notice, 22 Jun 2026; H1 2026 presentation) versus 725 t/yr (Iluka rare earth products page).
- Commissioning year: MiningWeekly (26 Jun 2026) states commissioning is scheduled for 2026; Iluka's 22 Jun 2026 rare earths update states mid-2027 and the H1 2026 presentation states 2027.
- Offtake announcement date: the ASX notice is dated 22 Jun 2026; the H1 2026 presentation dates the announcement 23 Jun 2026 (ASX release date).
Latest reports
| Period | Published | Report |
|---|---|---|
| H1 2026 (half-year to 30 Jun 2026; calendar fiscal year) | 2026-08-19 | 2026 Half Year Results (presentation) |
| Q2 2026 (quarter to 30 Jun 2026) | 2026-07-28 | Quarterly Review to 30 June 2026 (republished copy) |
| Q1 2026 (quarter to 31 Mar 2026) | 2026-04-22 | Quarterly Review to 31 March 2026 |
| Q4 2025 (quarter to 31 Dec 2025) | 2026-01-29 | Quarterly review to 31 December 2025 |
Across these reports
Iluka's Eneabba refinery spending rose from A$865m to A$1,101m between December 2025 and June 2026, with the A$1.7-1.8bn estimate and 2027 commissioning date unchanged in every 2026 report. Mineral sands revenue, reported here for context, fell to A$433m in H1 2026 from A$558m in H1 2025.
| Measure | What the reports show |
|---|---|
| Eneabba refinery capital spent (cumulative) | A$865m (31 Dec 2025) → A$977m (31 Mar 2026) → A$1,101m (30 Jun 2026); A$0.6-0.7bn committed and remaining (Aug 2026). |
| Eneabba refinery capital estimate | A$1.7-1.8bn in every report from Jan to Aug 2026, unchanged since December 2024, when it was raised from A$1.0-1.2bn at the April 2022 FID. |
| Eneabba construction progress | Engineering about 99% complete, with remaining construction contracts pending award (Apr 2026) → construction nearing 60% complete (Jul 2026) → construction 60% complete and described as on schedule (Aug 2026). |
| Government (EFA) loan drawn for rare earths | A$898m drawn at 30 Jun 2026 (including capitalized interest) of a A$1.65bn non-recourse facility; rare earths non-recourse net debt was A$693m at 31 Mar 2026. |
| Mineral sands revenue (context) | A$1,128m (2024) → A$976m (2025); H1 2026 A$433m vs A$558m in H1 2025; H1 underlying group EBITDA A$53m vs A$233m. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Eneabba refinery commissioning | 2027, stated with the December 2024 cost update (the date at the April 2022 FID was not verified in this pass) | 2027, restated in each report Jan-Aug 2026 | not yet due |
| Eneabba construction 75% complete | End of 2026 (reported June 2026) | 60% complete at Aug 2026 | not yet due |
| First rare earths offtake deliveries (global automotive company, 1,200 t of magnet rare earth oxides, take-or-pay) | From 2028 (half-year 2026-08-19) | From 2028 | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- 2026 Half Year Results presentation — Iluka Resources (ASX: ILU) (2026-08-19)
- Rare earths offtake agreement — Iluka Resources (ASX notice) (2026-06-22)
- Rare earths update (full A$1.65B loan access, mid-2027 commissioning) — Iluka Resources (ASX notice) (2026-06-22)
- 2026 Interim Report (Appendix 4D) — Iluka Resources (ASX) (2026-08-19)
- Quarterly Review to 30 June 2026 — Iluka Resources (ASX) (2026-07-28)
- Quarterly Review to 31 March 2026 — Iluka Resources (2026-04-22)
- Rare earth products (capacity) — Iluka Resources website (2026-10-16)
- Rare Earth Concentrate Supply Agreement with VHM — Iluka Resources (ASX notice) (2026-07-02)
- 2025 Full Year Results — Iluka Resources (ASX) (2026-02-18)
- Ore Reserves and Mineral Resources as at 31 December 2025 — Iluka Resources (2026-02-18)
- Eneabba refinery: positive outcome of funding discussions — Iluka Resources (ASX notice) (2024-12-06)
- Eneabba refinery FID presentation — Iluka Resources (ASX) (2022-04-04)
- Australia's first integrated rare earths refinery — Government of Western Australia (2022-04-13)
- Strategic partnership with Northern Minerals — Iluka Resources (ASX notice) (2022-10-26)
- Lindian, Iluka enter binding offtake agreement — Mining Weekly (2025-08-06)
- Eneabba rare earths refinery, Australia - update — Mining Weekly (2026-06-26)
- Company history — Iluka Resources website (2026-10-16)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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