Rare Earth Mining Project
Approved / Pre-FID
2027
Extended pilot program ran for over three years, demonstrating xenotime recovery and HREE product quality.
30,500t HREO concentrate offtake agreed over the life of mine for Iluka's Eneabba Refinery.
DFS completed in September 2025, confirming project economics and the path to construction.
All primary approvals obtained: mining, environmental and land access.
FID deferred until Q4 FY26. Blocked by ongoing governance remediation. FIRB "Interim Directions" (issued April 2026) prevent Hong Kong Ying Tak from voting at the upcoming AGM. Supreme Court has deferred the AGM until June 30, 2026.
Subject to FID, construction of mine and on-site processing to begin.
First HREO concentrate delivered to Eneabba Refinery as feedstock for Dy/Tb separation.
Update: Regulatory remediation successfully cleared the "prohibited" foreign shareholdings. The A$14M penalty issued by the Federal Court in January 2026 against Indian Ocean International ($10M) and its director ($4M) for a "churning" share transfer scheme has finalised the divestment. On April 1, 2026, the Treasurer issued further interim directions to block voting by Hong Kong Ying Tak Limited, ensuring the board remains under Western strategic control.
Project Status: DFS complete (September 2025). Iluka offtake (30.5kt HREO concentrate) remains binding. FID targeting Q4 FY26, contingent on the outcome of the June 30, 2026 AGM, which was court-deferred to allow the completion of the FIRB ownership investigations. First Dy/Tb production targeted for 2028.