Iluka Resources Ltd

ILU: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Increasing Our Iluka Fair Value Estimate as We Raise Our Assumed Rare-Earth Prices

Jon Mills , Alex Anderson

Mar 11, 2026

Business Strategy and Outlook

Iluka is a mineral sands miner. Major mines are Jacinth-Ambrosia in South Australia and Cataby in Western Australia, and production from its Balranald mine in New South Wales started in 2025. Relatively low operating costs for zircon are supported by Jacinth-Ambrosia, but its reserve life is less than a decade. Like the industry, Iluka is facing a declining grade profile at its mines, but a constrained outlook for supply should support prices.

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Iluka Resources Ltd

Increasing Our Iluka Fair Value Estimate as We Raise Our Assumed Rare-Earth Prices

Business Strategy and Outlook

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