Tronox Holdings PLC

Tronox Holdings plc has signed a cooperation and investment agreement with JX Advanced Metals Corporation to advance its rare earth and critical minerals business. Under the agreement, the two companies will fund on a 50/50 basis approximately $32 million to support a definitive feasibility study for Tronox's proposed rare earth cracking and leaching facility in Australia, a pre-feasibility study for a proposed rare earth oxide refinery in the United States, and development of a US-based pilot facility capable of producing initial quantities of high-purity rare earth oxides. The Cracking Plant is planned for the Rockingham Industrial Zone in Western Australia, about three kilometers south of Tronox's Kwinana TiO2 pigment plant, while the Refinery is expected to be located on Tronox-owned land adjacent to its Hamilton, Mississippi TiO2 pigment facility. Together, the two sites would aim to produce up to 10,000 tonnes per annum of total rare earth oxides, and the agreement also contemplates joint development of niobium, scandium, zirconium, and hafnium from Tronox's mineral resources. If the engineering studies demonstrate technical and commercial viability, the companies will explore forming a joint venture to fund, build, and operate the assets, and they have engaged with government-backed financing institutions including the US Export-Import Bank and Export Finance Australia.

Tronox Holdings reported second quarter 2026 revenue of $868 million, up 19% year-over-year, driven by higher TiO2 and zircon sales volumes. The company posted a net loss attributable to Tronox of $171 million, which included a $103 million tax valuation allowance on certain state deferred tax assets in the U.S. Adjusted EBITDA was $73 million, down 22% from the prior year, and adjusted diluted EPS was a loss of $0.51. Management guided third quarter adjusted EBITDA to a range of $95 million to $115 million, with TiO2 pricing expected to increase mid-single digits sequentially and zircon pricing up mid- to high-single digits. The company also highlighted a recommendation by the Indian Trade Defense Agency to reinstate duties on Chinese TiO2 ranging from $460 to $681 per ton.