Iluka Fair Value Estimate Maintained Despite Managing Director’s New Broom
We maintain our AUD 8.50 per share fair value estimate for Iluka. Integration of the Sierra Rutile acquisition, coupled with the first iteration of the budget, mine planning process, and a detailed review of costs under the new managing director, Tom O’Leary, will see Iluka record non-cash impairments of AUD 201 million before tax in 2016. The impairments relate to surplus and idled equipment in the Murray Basin, capitalised work associated with a proposed conventional development of Balranald a...Iluka Resources is engaged in mineral sands exploration, project development, operations and marketing. Co. is a producer of zircon and titanium dioxide products, as well as rutile and synthetic rutile products. These products are used in a range of applications. Co.'s segments include Australia, which comprises the integrated mineral sands mining and processing operations in Victoria, Western Australia and South Australia; United States, which includes its mineral sands mining and processing operations in Virginia; and Mining Area C, which comprises a deferred consideration iron ore royalty interest over certain mining tenements in Australia operated by BHP Billiton Iron Ore.
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