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RareX Limited (ASX:REE)

ALERT: Price-sensitive ASX Announcement for REE
Current share price for REE : $0.012 0.001 (9.09%)+
Announcement
Release
24 Jul 2026 9:05AM
Price at Release
$0.011
Full Release
download
Summary
RareX Limited, in partnership with Iluka Resources, has successfully advanced to the Request for Proposal stage for the Mrima Hill Niobium and Rare Earth Elements Project in Kenya. The consortium aims to leverage Iluka's Eneabba Rare Earths Refinery in Western Australia, supported by an Australian Government loan, to create a comprehensive mine-to-market solution. This includes mining in Kenya, initial processing, and local value chain development, aligning with Kenya's long-term objectives. A binding offtake agreement is in place to refine all rare earths concentrate from Mrima Hill at Eneabba for global distribution. The consortium's financial readiness is supported by a A$50 million facility from GEM Global Yield, earmarked for initial development phases including a pilot plant. The project aims to establish Kenya as a regional hub for critical minerals, with support from a Curtin University partnership to build local technical capabilities.
Key Points
  • RareX-Iluka Consortium progresses to RFP stage for Mrima Hill Project.
  • Eneabba Refinery in Western Australia to be key in project proposal.
  • A$1.65 billion loan from Australian Government supports refinery.
  • Binding offtake agreement for concentrate refinement at Eneabba.
  • Consortium financially backed by A$50 million from GEM Global Yield.
  • Focus on local value creation and technical skill development in Kenya.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.