mining / critical minerals

Reports the Eneabba 50% construction milestone and the binding automaker offtake as a validation of the project's commercial case. AFR notes Iluka had been unable to secure committed offtake for its first two years of marketing the project; the 2026 binding commitment reflects automakers moving from letters of intent to contractual obligations as rare earth supply concentration risk became undeniable post-China export control escalation. The offtake price is indexed to a published benchmark, not a fixed price.

“Iluka's binding automaker offtake for Eneabba marks a shift from letters of intent to contractual commitment as rare earth supply concentration risk became undeniable post-China export controls.”