Iluka Resources Limited ( (AU:ILU) ) has shared an update.
Iluka Resources Limited has entered into a consortium with RareX Limited to apply for the Mrima Hill project in Kenya, which is rich in rare earths, niobium, phosphate, and manganese. The consortium aims to establish a Special Purpose Vehicle (SPV) to lead the project’s de-risking and development, with RareX focusing on socio-environmental and technical aspects. If successful, Iluka will hold a 25% stake in the SPV and secure offtake agreements for rare earths to supply its Eneabba refinery in Australia. The consortium’s proposal includes support from technical and financial partners, with an emphasis on skill transfer to local Kenyans, highlighting the project’s potential impact on both companies’ operations and the local economy.
More about Iluka Resources Limited
Iluka Resources Limited is a company involved in the mining industry, focusing on the extraction and processing of mineral sands, including rare earth elements. The company is known for its efforts in developing and operating mineral projects with a market focus on rare earths and heavy minerals.
YTD Price Performance: -14.24%
Average Trading Volume: 7,895
Technical Sentiment Signal: Buy
Current Market Cap: $1.03B
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