Iluka Resources anticipates a delay and approximately 20% higher costs than the market's $1.5 billion expectation for its Eneabba Rare Earths Refinery Project in Western Australia.
The elevated capital costs are attributed to the challenging project environment in the region.
The front-end engineering and design work, in partnership with Fluor Australia, originally intended to be done by the end of 2023, is now expected to be completed in the first quarter of 2024.
The commissioning of the refinery is slated for 2026.