Raising our Iluka FVE to AUD 9.00 per Share with Increasing Certainty of Mining Area C Expansion
We raise our fair value estimate to AUD 9.00 per share from AUD 8.50 per share for no-moat-rated Iluka Resources. The increase reflects the time value of money along with the increasingly likely expansion of BHP’s Mining Area C iron ore operation, which Iluka holds a royalty over. BHP says development of the South Flank deposit, within the Mining Area C production hub, is the preferred replacement for the 80 million tonne per year Yandi deposit. Board approval from BHP is set for mid-2018 with p...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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