• Export Finance Australia confirms A$1.65 billion non-recourse loan access
• Civmec awarded contract for SMPEI works
• Eneabba refinery expected to be 75% complete by end of 2026
• Commissioning scheduled for mid 2027

Iluka Resources Limited has announced two significant updates regarding its rare earths business. Firstly, Export Finance Australia (EFA) has confirmed the company's access to the full A$1.65 billion non-recourse loan provided by the Australian Government to construct the Eneabba rare earths refinery. Iluka anticipates Tranche 1 of this funding, comprising A$1.25 billion, will be fully drawn at the end of 2026, at which point the refinery is expected to be 75% complete. The remaining A$400 million will be available to complete Eneabba's construction, with commissioning scheduled for mid 2027. Secondly, Civmec has been awarded the contract for structural, mechanical, piping, electrical, and instrumentation (SMPEI) works to complete the Eneabba refinery's construction. The refinery is currently over 50% complete, with Civmec on site and having already undertaken civil and bridging works, including the early placement of key equipment. The capital estimate for the Eneabba refinery remains A$1.7-1.8 billion.

Eneabba refinery expected to be 75% complete by end of 2026

Commissioning of the Eneabba refinery is scheduled for mid 2027.