Future of rare earths refinery remains up in the air
With an update anticipated in the next month or two, expectations of the Australian government to provide more financial backing for Iluka's mooted Eneabba rare earths refinery are starting to wane, according to one capital markets firm assessing the situation.And should that play out as such, it would be a positive for Iluka — at least in the short term — based on what Canaccord Genuity was saying this week.
"If this outcome was to occur, we think Iluka shares could re-rate higher in the near-term as it removes a significant funding/ technical overhang and sees Iluka's focus return to its core competency in mineral sands."The background to the situation is that while Iluka has a $1.25 billion non-recourse loan from the Australian Government for Eneabba, Australia's first fully integrated refinery , actually requires about $1.7-1.8 billion in capital.
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