Iluka Resources secures a $1.15B government loan to build a rare earths refinery, alongside an offtake agreement with an automaker.
Iluka Resources announced a A$1.65B ($1.15B) non-recourse loan from the Australian government to construct its Eneabba rare earths refinery in Western Australia. The funding aims to bolster domestic critical minerals processing capacity amid rising global demand.
The loan follows prior government commitments to support rare earths projects, aligning with broader efforts to reduce reliance on Chinese supply chains. Iluka shares fell over 10% in Australian trading, mirroring broader sector declines.
The company also secured an offtake deal with an unnamed automaker, reinforcing long-term demand for refined rare earths products.