Iluka Resources will sign a binding multi-year dysprosium and terbium supply agreement with a Japanese buyer within 12 months.

Japan and Australia signed a finance ministers’ memorandum on 5 October 2026 aimed at expanding government-backed investment and offtake in critical minerals. The push comes as China has halted dysprosium and terbium oxide shipments to Japan since November 2025 – tightening supplies for Japanese industries, particularly automakers. Iluka’s Eneabba refinery, due to open in 2027, is set to become Australia’s largest producer of the two oxides, with capacity for 750 tonnes a year. Japan responded similarly after China’s 2010 rare-earth embargo – financing overseas mines and refineries from 2011 to secure alternative supply. A Japanese offtake deal will give Iluka an early cash boost while locking in demand for a large share of its new production.