Iluka Resources H1 FY2026: mineral sands earnings, Eneabba rare earths progress and zircon pricing
AI Market Summary
Iluka's H1 FY2026 update is mixed: mineral sands EBITDA was modest (~A$40m) and the company posted a net loss (~A$25m), but Eneabba rare earths refinery construction reached ~60% with key equipment installed and the first offtake deal signed (from 2028, 1,200 tpa) targeting automotive end-markets. Higher zircon contract prices support near-term revenue, while synthetic rutile restart remains demand-dependent.
Impact level
● Medium
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● Neutral
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Iluka Resources reported its first-half FY2026 results, with mineral sands EBITDA of about A$40 million and a net loss of A$25 million.
The company said construction of its Eneabba rare earths refinery is around 60% complete, with key equipment now in place. Iluka has also signed its first rare earth oxide offtake agreement, covering 1,200 tonnes per year from 2028, securing a downstream customer in the automotive sector.
On pricing, Iluka noted that contracted zircon prices for Q3 rose by US$215 per tonne versus Q2.
The company maintained its full-year zircon production guidance, while the restart of its synthetic rutile kilns remains contingent on an improvement in demand.
