ASX · Mineral sands and refining
Iluka Resources (ILU): rare earth profile
Iluka Resources (ASX: ILU) is building the Eneabba rare earth refinery in Western Australia, reported nearly 60% constructed with A$1,101 million spent by 30 June 2026 and commissioning targeted for 2027.
Information only, not investment advice · figures from company filings, reviewed 28 October 2026
This profile reports company disclosures. It contains no share price, valuation, rating or recommendation. See the disclosures.
Iluka Resources latest results: Half year to 30 June 2026
| Measure | Value | Note |
|---|---|---|
| Eneabba construction progress | Nearly 60% | Over 50% reported in June 2026 |
| Eneabba spend to date | A$1,101 million | To 30 June 2026 |
| Capex estimate | A$1.7 to 1.8 billion | Reported range |
| Export Finance Australia loan | A$1.65 billion | Non-recourse; first A$1.25 billion tranche expected fully drawn by end 2026 |
| Mineral sands revenue, H1 2026 | A$433 million | Down 22.4% year on year |
| Zircon, rutile and synthetic rutile production, Q2 | 58 kt | Both synthetic rutile kilns idle |
Source: Iluka half-year 2026 results as reported 28 July 2026, plus Export Finance Australia and refinery coverage. Currency: Australian dollars.
Iluka Resources assets and projects
| Asset | Status |
|---|---|
| Eneabba refinery, Western Australia | Feed capacity reported at 55,000 tonnes per year, producing 17,500 tonnes per year of total rare earth oxide; Civmec holds the structural, mechanical, piping and electrical works contract |
| Mineral sands | Zircon, rutile and synthetic rutile operations; the Balranald mine has both rigs operating but took longer to commission than expected |
Recent developments
First offtake
Iluka signed a take-or-pay supply agreement with an unnamed global automotive company, starting in 2028, for 1,200 tonnes per year of magnet rare earth oxides.
Feed from VHM
On 2 July 2026 Iluka agreed to take 146,000 tonnes of rare earth concentrate containing 86,000 tonnes of rare earth oxide over 18 years from VHM's Goschen project in Victoria, and to provide a A$40 million secured convertible note in two tranches, A$30 million tied to VHM's final investment decision.
Timing
Commissioning has moved to 2027, consistent with the February 2026 full-year results. Older coverage that still lists 2026 is outdated.
What to watch
- Capex staying inside A$1.7 to 1.8 billion
- Further offtake contracts beyond the first automotive agreement
- Restart of the synthetic rutile kilns and zircon demand
Context: rare earth mines, heavy vs light rare earths, Chinese export controls and rare earth prices.
Iluka Resources: frequently asked questions
When will Iluka's Eneabba refinery start?
Commissioning is targeted for 2027. The project was nearly 60% constructed with A$1,101 million spent at 30 June 2026.
How is Eneabba funded?
Export Finance Australia has confirmed a A$1.65 billion non-recourse loan. The first A$1.25 billion tranche is expected to be fully drawn by the end of 2026.
What will Eneabba produce?
Reported capacity is 17,500 tonnes per year of rare earth oxide from 55,000 tonnes per year of feed. Iluka's first offtake covers 1,200 tonnes per year of magnet rare earth oxides from 2028.
Sources
Compiled from the sources above, reviewed 28 October 2026. Report errors on the corrections page. Other companies: rare earth stocks.