Ged Kearney's partner holds shares in a refinery company and its prospective supplier
Ged Kearney's partner has disclosed shares in Iluka and Northern Minerals. Iluka is building a rare-earths refinery with an A$1.65 billion government loan. Northern Minerals plans to supply it.
The connection runs through Eneabba in Western Australia. Iluka needs material to refine; Northern Minerals is developing its Browns Range mine to produce rare-earths concentrate. Their conditional supply agreement would give the miner a customer and the refinery another source of material.
The timeline
- May 2021 – April 2022
Government financing was public before the holding disclosures discussed here. In May 2021, Iluka disclosed government loan discussions. On 4 April 2022, it announced its refinery investment decision, an A$1.05 billion government loan and an A$200 million cost-overrun facility.
- 9 August 2022
Northern Minerals appears in a list of partner holdings Kearney signed on 9 August 2022.
- 26 October 2022
On 26 October 2022, Iluka announced the conditional supply agreement, alongside an initial A$20 million investment in Northern Minerals to help fund work towards developing Browns Range.
- 16 December 2022
An addition to the partner shareholdings signed on 16 December 2022 included Iluka. Both companies appear in the partner section of Kearney's current register.
- December 2024 – June 2026
The government's financial commitment subsequently increased. In December 2024, Iluka announced indicative terms for another A$400 million, subject to conditions. In June 2026, it confirmed access to the full existing A$1.65 billion loan.
- August 2026
Iluka's August 2026 presentation scheduled refinery commissioning for 2027 and listed anticipated Browns Range production in late 2028 or early 2029.