Iluka Resources Limited reported mineral sands revenue of $433 million for the first half of 2026, compared with $558 million in the prior corresponding period, while mineral sands operating cash flow increased to $247 million from $115 million.

The period saw mineral sands free cash flow reach $200 million, contrasting with an outflow of $192 million in the first half of 2025. This cash generation supported a reduction in mineral sands net debt to $273 million at 30 June 2026, down from $473 million at the end of 2025. Underlying group EBITDA was $53 million, down from $233 million, while underlying mineral sands EBITDA stood at $41 million compared to $218 million previously.

Operations at the Balranald project have been commissioned, with both mining rigs operational and magnetic and non-magnetic heavy mineral concentrate produced on specification. The ramp-up is continuing with a focus on improving extraction rates and recoveries, and first final product production is scheduled for the second half of 2026.

Construction of the Eneabba rare earths refinery is 60% complete and progressing on schedule and budget, with all major equipment delivered to site. The project is scheduled for commissioning in 2027 as a key element of the company's rare earths diversification strategy, supported by an inaugural offtake agreement and confirmed access to a $1.65 billion non-recourse loan from Export Finance Australia. Group net debt at 30 June 2026 was $1,150 million, which includes $877 million in rare earths net debt.

Iluka declared a fully franked interim dividend of 3 cents per share, up from 2 cents per share in the prior corresponding period.

Read the full announcement: Iluka Half Year Results to 30 June 2026