Iluka Advances Rare Earths Expansion as Market Challenges Persist

Iluka Resources Limited (ASX: ILU) reported 124,000 tonnes of zircon, rutile, and synthetic rutile production in Q3 2025, including 40,000 tonnes of zircon and 58,000 tonnes of synthetic rutile. Despite softer pigment and zircon demand, the company maintained pricing discipline, with zircon averaging US$1,615 per tonne.

Commissioning of the Balranald Project remains on track for Q4 2025, while the Eneabba Rare Earths Refinery saw construction accelerate with key infrastructure completed. Iluka will idle SR2 and Cataby operations from December amid weaker market conditions, a move expected to deliver AU$150 million in 2026 cash savings.

Net debt stood at AU$256 million for the mineral sands business and AU$447 million for rare earths. Managing Director Tom O’Leary reaffirmed focus on discipline and project execution to position Iluka as a key non-Chinese supplier of heavy rare earth oxides.

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