Iluka Resources secures first rare earths customer deal

• Iluka Resources signed its first binding rare earths offtake agreement with a global automotive company.
• The transaction secures a minimum revenue of US$155 million and lifted the company's share price.
• The contract supports the development and upcoming commissioning of the Eneabba rare earths refinery.

Iluka Resources (ASX:ILU) secured its first rare earths customer via a US$155 million binding offtake agreement.

This initial four-year agreement covers approximately 10% of planned production from the Eneabba refinery.

“Discussions with other prospective customers are ongoing,” said Iluka Resources Managing Director Tom O'Leary.

The company stated the refinery remains on track for mid-2027 commissioning with capital estimates at $1.7–1.8 billion.

Following the announcement, the Iluka Resources share price was up at $7.82.

Iluka confirmed it secured access to the final $400 million tranche of an Australian government loan.

Civmec was also awarded the construction contract for structural, mechanical, piping, electrical, and instrumentation works.