Original article by Brad Thompson
The Australian Financial Review – Page: 18 : 8-May-24

Iluka Resources MD Tom O’Leary contends that the entire rare earths industry is unprofitable due to China’s efforts to manipulate prices in order to retain its dominance in the sector. O’Leary has told shareholders at Iluka’s AGM that no rare earths producer is making money at the current prices for minerals that are critical to the energy transition. He also alleges that Chinese state-owned entities are seeking to control rare earths production via binding offtake agreements or the acquisition of rival producers. Meanwhile, Iluka is seeking additional federal government funding for its rare earths refinery at Eneabba in Western Australia.

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ILUKA RESOURCES LIMITED – ASX ILU