Rare Earth · Mid-Tier · Producer · Australia
Last updated 9 August 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Iluka Resources Mineral Sands & Rare Earths Portfolio
Portfolio · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Consolidated Australian critical minerals portfolio of Iluka Resources, spanning zircon, high-grade titanium dioxide feedstocks (natural and synthetic rutile, plus ilmenite) and an emerging separated rare earth oxides business. Group Ore Reserves total 265Mt at 5.7% HM (15.2Mt in-situ heavy mineral) and Mineral Resources 3,455Mt at 5.5% HM (192Mt in-situ heavy mineral) across the Eucla, Murray and Perth Basins. 2025 production comprised zircon, rutile, synthetic rutile and ilmenite; production at Cataby and the SR2 kiln was suspended from 1 December 2025 amid weak titanium dioxide demand. Reserves and Resources reported under JORC 2012 (Competent Persons: A Walkenhorst - Ore Reserves; S Maycock - Mineral Resources).
Portfolio Aggregate
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 31 December 2025
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Operating · 4 projects
Jacinth-Ambrosia
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Iluka's flagship zircon operation in the Eucla Basin, South Australia - an open-pit mine and heavy mineral concentrator, with the Typhoon and Sonoran satellite deposits extending mine life. Reserves and resources are reported at the Eucla Basin level. In 2025 the operation produced 292kt of heavy mineral concentrate, up 12% on 2024 on improved plant performance and higher ore fed.
Mining metrics
As at 31 December 2025
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Murray Basin
District · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Heavy mineral sands basin spanning south-western New South Wales and western Victoria, hosting the Balranald underground development (NSW) and the Wimmera project including the WIM100 deposit (Victoria). The basin carries the group's largest Mineral Resource (127Mt in-situ HM) and is a significant source of monazite+xenotime rare-earth minerals (2.2% of HM). 2025 Resources rose 0.5Mt HM on WIM100 re-modelling, partly offset by write-downs at Bondi and other deposits. Reserves are entirely Probable and non-active. Region spans two states (NSW and Victoria).
Mining metrics
As at 31 December 2025 · inclusive
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Reserves & resources — detail
As at 31 December 2025
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Perth Basin
District · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Ilmenite-rich heavy mineral sands basin in Western Australia hosting the Cataby mine, the Eneabba monazite by-product stockpile and South West operations (where rutile is sold as a leucoxene product). Assemblage is titanium-dominant (ilmenite 56% of HM) with elevated monazite+xenotime (4.1% of HM in reserves). 2025 Ore Reserves fell 1.9Mt HM on Cataby depletion and removal of the reserve classification on uneconomic pits; Resources fell 2.1Mt HM on re-estimation and write-downs at Cataby and Uplands.
Mining metrics
As at 31 December 2025 · inclusive
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Reserves & resources — detail
As at 31 December 2025
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Eucla Basin
District · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Zircon-rich heavy mineral sands basin in South Australia hosting the Jacinth-Ambrosia mine and concentrator and its Typhoon and Sonoran satellite deposits. Reserves are entirely Proved and the assemblage is dominated by zircon (45% of in-situ HM). Ore Reserves depleted by 0.3Mt HM in 2025 through mining depletion and pit optimisation/re-design at Ambrosia.
Mining metrics
As at 31 December 2025 · inclusive
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Reserves & resources — detail
As at 31 December 2025
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Construction · 1 project
Balranald
Asset · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
High-grade critical minerals deposit in south-western New South Wales (Murray Basin), rich in natural rutile and premium zircon with light and heavy rare earths, located ~70m below surface within a hyper-saline water table. Iluka has developed and is commissioning a novel remotely-operated underground mining technology that reduces environmental disturbance. Construction progressed through 2025 with commissioning of mining equipment and processing plant; a solar farm began construction in October 2025. Mining and processing of run-of-mine ore commenced in January 2026, ramping to steady state by mid-2026. Reserves and resources reported at the Murray Basin level.
Mining metrics
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Development · 1 project
Wimmera
Asset · Feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Fine-grained heavy mineral sands project in the Wimmera region of western Victoria (Murray Basin), including the WIM100 deposit, for potential long-term supply of rare earths and zircon and as future feedstock for the Eneabba refinery. In definitive feasibility study (DFS) stage with an Environment Effects Statement (EES) to be submitted to the Victorian Government in 2026. Detailed engineering began in 2025 under an Integrated Owner's Team model with WSP; flowsheet testing produced finished zircon products (~40% of extracted zircon sand suitable for ceramics, markets identified for ~60%). A resource increase was announced in January 2026. Reserves and resources reported at the Murray Basin level.
Mining metrics
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Suspended · 1 project
Cataby
Asset · Suspended
Project information
As at 31 December 2025
Description
As at 31 December 2025
Ilmenite-rich open-pit mineral sands mine in the Perth Basin, Western Australia, feeding heavy mineral concentrate to the Narngulu mineral separation plant. Production was suspended from 1 December 2025 in response to weak titanium dioxide (pigment) demand; the site was placed on care and maintenance. Reserves and resources are reported at the Perth Basin level. Cataby produced 544kt of HMC in 2025 prior to suspension.
Mining metrics
As at 31 December 2025
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Processing facilities · 3 projects
Eneabba Rare Earths Refinery
Asset · Refinery · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Australia's first fully-integrated rare earths refinery, under construction at Eneabba, Western Australia, to produce separated light and heavy rare earth oxides. Delivered via a strategic partnership between Iluka and the Australian Government under a A$1,650m non-recourse Critical Minerals Facility loan administered by Export Finance Australia. Construction accelerated in 2025 (earthworks complete, >21,000m3 concrete poured); the roaster kiln is due on site in H1 2026 with commissioning targeted in 2027. Designed to process diverse Australian and international feedstocks including the Eneabba monazite stockpile. A metallisation feasibility study is expected to complete in 2026.
Processing facilities
As at 31 December 2025
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Capel Synthetic Rutile Kilns
Asset · Other · Suspended
Project information
As at 31 December 2025
Description
As at 31 December 2025
Synthetic rutile processing facility at Capel, Western Australia, upgrading ilmenite into synthetic rutile via kiln processing (SR1 and SR2 kilns). SR1 remained offline through 2025 and the SR2 kiln was suspended from 1 December 2025 in response to weak titanium dioxide demand. SR2 delivered 210kt of synthetic rutile in 2025. Typically 1 tonne of upgradeable ilmenite yields 0.56-0.60 tonnes of synthetic rutile; Iluka also purchases external ilmenite as kiln feedstock.
Processing facilities
Multiple effective dates
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Narngulu Mineral Separation Plant
Asset · Other · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Iluka's mineral separation plant at Narngulu, Western Australia, which processes heavy mineral concentrate from Cataby and Jacinth-Ambrosia into finished zircon and rutile products. In 2025 the MSP processed 482kt of HMC (up 11% on 2024), with zircon-in-concentrate (ZIC) production ramping up to 111kt (+61%).
Processing facilities
Multiple effective dates
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Rare Earths & Critical Minerals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Rare earths & critical minerals
- TREO vs individual oxides. Deposits disclose TREO % with a basket (Nd, Pr, Dy, Tb, …). Value is dominated by magnet metals; TREO without the basket misses most of the economics.
- Vanadium in V₂O₅. Reserves use % V₂O₅ or ppm; multiply V₂O₅ by 0.560 for V metal.
- Niobium, tantalum, scandium, fluorspar each have their own chemistry idiom; the rating engine normalises within commodity family.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Heavy mineral sand
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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