2321 GMT - Morgan Stanley isn't concerned about undisclosed customer and pricing terms on Iluka's four-year rare-earth offtake agreement. Iluka announced the deal as a key milestone that helps unlock the remainder of its funding for the Eneabba refinery. The miner said details about the identity of the customer and prices were commercial in confidence. That "should not be read negatively, given sensitivity and likely exposure to China-linked supply chains for now," says MS analyst Rahul Anand. MS estimates the deal will account for roughly 10% of output from processing stockpiled material. It is "modest but strategically important," says Anand. MS has an "overweight" rating and A$7.95 target on Iluka. Shares ended Tuesday at A$7.25. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

June 23, 2026 19:21 ET (23:21 GMT)

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