Iluka is a leading mineral sand miner and margins are recovering from cyclical lows.
We raise our fair value estimate on no-moat-rated Iluka Resources to AUD 9.30 per share from AUD 9.00 per share. This reflects the faster-than-forecast recovery in zircon prices with Iluka securing a USD 130 per tonne increase in the reference price to USD 1,230 per tonne from Oct. 1. The zircon price is now close to our midcycle forecast of USD 1,250 per tonne but sooner than we expected. The result is a 14% uplift to our 2018 adjusted earnings forecast to AUD 0.72 per share and a 7% rise in 20...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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