Iluka posts ~$25 million H1 2026 net loss as Eneabba rare earths refinery reaches nearly 60% construction
AI Market Summary
Iluka's H1 FY2026 update shows weaker mineral sands revenue, modest EBITDA, and a net loss, but strong cash generation. Construction at the Eneabba rare earths refinery reached ~60% and the first take-or-pay offtake (from 2028) improves demand visibility. Zircon contract prices are rising into Q3, while synthetic rutile kiln restarts remain contingent on demand, keeping near-term earnings sensitivity elevated.
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Iluka Resources said H1 2026 mineral sands EBITDA is expected to be approximately $40 million, while net loss after tax is expected to be around $25 million. The company said its Eneabba rare earths refinery project is nearly 60% constructed, with major equipment now on site. Iluka also signed its first rare earths offtake deal, a take-or-pay agreement starting in 2028 for 1,200 tonnes a year of magnet rare earth oxides for a global automotive customer. Iluka said Q3 zircon sand contract prices are set to rise by an average of US$215 per tonne from Q2 levels.
