Iluka secures AUD 1.65 billion government loan for Eneabba rare-earths refinery

Iluka Resources/Eneabba Rare-Earths Refinery

Iluka Resources secured a AUD 1.65 billion concessional loan from the Australian government to finance construction of a rare-earth refinery at its Eneabba mineral-sands site. The facility will process monazite concentrate into neodymium and praseodymium oxides for permanent magnets, with commissioning targeted for mid-2027.

• The loan is backed by major auto-maker offtake commitments already signed, de-risking demand.
• Eneabba will be Australia's first integrated rare-earth refinery, supplying magnets for EV motors and wind turbines.
• Project cost is approximately AUD 1.65 billion; construction was >50% complete by June 2026.