Iluka Resources (ASX:ILU) Drops 11% After $1.65B Loan and Rare-Earths Deal
Iluka Resources dropped 10.8% to A$7.25 on Tuesday. Shares had opened strong at A$8.48 and jumped as high as A$8.60 before sliding hard, finishing just off the session low of A$7.09. The move erased early gains after the miner announced its first rare-earths sales contract and said it will get a A$1.65 billion government loan. Iluka’s swing came after two announcements cleared up major uncertainty over the Eneabba refinery—funding's now in place and there's proof of demand from an end user. But the initial offtake deal only begins in 2028 and is set for 1,200 tonnes, about 10% of the expected output in its first four years.
