Iluka Loses its Moat but Our Conviction in the Cyclical Recovery Grows with Bullish First Quarter
It looks like the cyclical recovery in Iluka’s products may finally be here. We’ve forecast a turnaround in the company’s fortunes for some time and have been disappointed by the continued downward trend in volumes and prices. However, the first quarter of 2017 provides the first meaningful evidence of improvement. Production of zircon, rutile, and synthetic rutile increased more than 50% to 232,000 tonnes versus the same period a year ago. Sales volumes also more than doubled to 203,000 tonnes ...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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