The well-known zirconium and titanium giant Iluka has been disclosed that it has completed the first phase of its Eneabba project in Western Australia, the rare earth diversification project, and the second phase can be continued with the approval of the board of directors, which also means that it has moved from its original business The role of rare earth miners has changed.
It is reported that the project is based on a monazite and zircon project that plans to start selling products in the third quarter and has abundant reserves. Iluka will provide about 35 million U.S. dollars for upgrading monazite raw material products, thereby gradually entering the rare earth market.
"This is an important milestone for the company." Tom O'Leary, the company's managing director, believes that even if the business volume in the first half of the year fell by 20% year-on-year, considering the impact, the company's current profit and cash flow are not bad, and the iron ore business will be completed in the second half of the year. After the spin-off, the company will form two high-quality businesses of zirconium titanium and rare earth.