Australia’s decision to unlock the full A$1.65 billion ($1.15 billion) financing package for Iluka Resources’ Eneabba refinery has strengthened the commercial outlook for Malawi’s Kangankunde project, one of Africa’s most closely watched rare earth developments.
The Australian government-backed funding removes a major uncertainty surrounding the refinery, which is expected to become a critical processing hub for rare earth materials from Australia and overseas, including output from Kangankunde.
Iluka announced on Tuesday that Export Finance Australia had confirmed access to the full A$1.65 billion loan facility for the Eneabba rare earths refinery in Western Australia.
The company said the project remains on schedule, with the refinery more than 50% complete and commissioning targeted for 2027.
The development is significant for Lindian Resources, which is advancing the Kangankunde rare earths project in Malawi and has already secured a long-term supply agreement with Iluka.
