Australian mining company Iluka Resources, which specializes in titanium, zirconium, and rare earths, posted a profit of $90 million (AUS$134 million) for the first half of 2024, a decline of over 34 percent compared to the same period last year. The company cites macroeconomic uncertainty that would weigh on the prices of Iluka’s products.
Iluka is constructing a rare earth refinery in Eneabba, Western Australia, and estimates that the capital investment will be roughly $1.2 billion. Tom O’Leary, CEO and Managing Director of Iluka highlighted that the company has one million tons of stockpiled material ready to be processed at the facility, adding that the company would provide a detailed rare earth business update in September.
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