The brief

Analyst view

• Eneabba will refine monazite into rare-earth oxides starting mid-2027.
• A$1.65bn government loan finances construction, >50% complete.
• Auto-maker offtake commitments already signed.

Technical approach

As reported

Feedstock

Monazite from mineral sands

Iluka produces monazite (a rare-earth phosphate) as a byproduct of zircon mining. Eneabba will refine this in-house rather than selling it overseas.

Process

Integrated monazite refinery

Monazite ore is processed through sulfuric acid leaching and sequential separation.

Supply chain

Vertical integration

Mining and refining on the same site cuts transport costs and supply risk.