Taxpayers have loaned $1.25 billion for the facility at Eneabba in Western Australia. That’s a big step, but greater possibilities await.
needed for the electrification of the global economy are paramount and Australia is competing with other countries to build a domestic rare earths industry.
In rare earths, Australia is uniquely positioned by virtue of our mineral endowment, environmental stewardship and the sovereign refining capability thatModelling commissioned by the Commonwealth shows 115,000 jobs and a $71 billion contribution to our national wealth by 2040 could be generated in a scenario where the critical minerals sector’s current production rises in line with demand.The Critical Minerals Strategy is the Australian government’s blueprint to realise this opportunity.
Our initial feedstock for the refinery is the stockpile of rare earth minerals Iluka has built since the early 1990s. Valued last year at $1.3 billion, this stockpile contains enough rare earths to produce about 60,000 tonnes of magnets to drive 30 million electric vehicles. One example is Northern Minerals, which once had plans for its deposit in the Kimberley to be processed overseas, but now has an offtake agreement with Iluka.Similarly, construction is under way at Iluka’s new mining development at Balranald in NSW; and our Wimmera development in Victoria has beenWhile the Eneabba refinery is an enormous step forward for Australia, greater possibilities await.Metallisation is the next step in the value chain, converting rare earth oxides to metals and alloys.
Iluka is working to build new markets that diminish the risks attached to absolute dependence on single supply source.
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