Australia’s Iluka Resources said on Wednesday it has signed a long-term deal with Lindian Resources to receive 6,000 tonnes of rare earth concentrate annually for 15 years from a mine in Malawi.
The concentrate will be sourced from Lindian’s Kangankunde mine in Malawi and delivered to Iluka’s Eneabba rare earths refinery in Western Australia.
Shares of Lindian surged nearly 60% to A$0.15, their highest in more than a year, while Iluka’s stock gained 1% to A$5.84.
Separately, Iluka has secured a $20 million loan facility to support the Kangankunde mine’s development.
The deal aligns with Australia’s efforts to boost domestic production of critical minerals, including rare earths, through policy measures such as a proposed floor price.
(By Sneha Kumar; Editing by Sumana Nandy)
