Iluka to Broaden Rutile Production Options With Sierra Rutile Acquisition
Iluka is to acquire 100% of Sierra Leone-based rutile producer, Sierra Rutile, or SRL, through an agreed all-cash offer valuing SRL at AUD 455 million. This includes the assumption of USD 60 million of debt with the acquisition. The deal is highly likely to proceed. It requires a simple majority of shareholders, by number of shares owned, to vote for the deal. Two shareholders, owning 59% of SRL, have agreed to vote in favour and the SRL board has unanimously recommended it. We think given the 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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