Iluka Resources is navigating a challenging market, with a 50% year-on-year reduction in production due to decreased demand linked to the Chinese property market. Despite this, the company is strategically positioned in rare earths and plans to develop a separation facility for its mineral sands byproduct, which includes uranium and rare earths. Analysts remain divided, with some seeing long-term potential in Iluka's asset portfolio, supported by a strong net cash position and federal backing, while others express caution amid current commodity cycle challenges.