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ASX Announcement Iluka Lindian Offtake.pdf

Iluka Resources (ASX: ILU) has entered into a 15-year agreement with Lindian Resources for the supply of 6,000 tonnes per annum of monazite rare earth concentrate from the Kangankunde Project in Malawi. This material will serve as approximately 10% of the total feedstock for Iluka’s Eneabba refinery. Iluka has also committed a US$20 million loan facility to support Lindian's development, contingent on due diligence and project financing milestones.

Iluka’s announcement strengthens the case for the Eneabba refinery as the anchor of a new global rare earths supply chain. The RareX–Iluka consortium now benefits from:

A validated model for integrating African feedstocks,

A precedent for Iluka-supported upstream funding,

Strategic and political alignment across borders,

And a growing urgency to secure additional high-quality concentrate sources.

RareX shareholders should view this development as a net positive. Bolstering the legitimacy and strategic potential of RareX’s positioning within Iluka’s evolving rare earths ecosystem.

Eneabba’s Strategic Importance Reinforced

The announcement reaffirms the centrality of Iluka’s Eneabba refinery to Australia’s rare earths strategy. Iluka’s willingness to offer debt finance and secure long-term feedstock validates Eneabba’s role as a long-life, premium separation facility with international reach and Australian Government support.


The RareX–Iluka consortium, backed by Eneabba, is strongly aligned with Australia's industrial policy and is now visibly part of a broader strategy involving complementary international feed sources. This reinforces the credibility and attractiveness of RareX’s proposed supply arrangements via Mrima Hill or other assets.

Proof of Concept for Third-Party Feedstock Integration

Iluka’s investment in Lindian illustrates a model for how third-party concentrate will be integrated into Eneabba. Importantly, Iluka will process Lindian’s high-grade monazite concentrate via an offtake and pricing structure based on NdPr oxide output rather than opaque index pricing.


RareX can pursue similar long-term offtake and pricing structures, providing transparency and alignment with downstream value. RareX’s existing relationship with Iluka, combined with a secure African feed source at Mrima Hill, positions the company well for comparable or more strategic terms.

This is a high-profile example of Iluka accepting African feedstock - both technically and geopolitically- into Eneabba’s supply chain. The Malawi–Australia axis mirrors the Kenya–Australia alignment RareX is promoting.


This sets a de-risking precedent for RareX’s Mrima Hill strategy. If Malawi’s concentrate passes Iluka’s due diligence and regulatory hurdles, RareX can be confident that similar logistics, approvals, and import mechanisms are feasible for Kenyan material.

Loan Facility Signals Strategic Commitment

Iluka’s US$20m secured loan facility (SOFR +11%) signals willingness to take on upstream funding risk to secure supply chain control.


This creates a potential precedent: should RareX’s Mrima Hill project be advanced in line with Iluka’s requirements, similar financing instruments could be explored

The Lindian agreement illustrates Iluka’s capacity to rapidly deploy offtake and development capital.

Mrima Hill could be the next strategic partnership for Iluka. Anchored in Kenya, delivering global supply chain relevance.

The RareX–Iluka consortium brings not only commercial capability but also government-aligned education (Curtin University), U.S.-based funding (GEM), and allied supply chain development.

This reinforces Kenya’s potential role as a regional hub for critical minerals, aligned with U.S. and Australian interests.

Iluka–Lindian Rare Earths Agreement: Strategic Implications for RareX–Iluka Consortium