Sierra Rutile Acquisition Looks Sound, Fair Value Estimate Maintained for Iluka
We maintain our fair value estimate after taking a deeper look at the Sierra Rutile acquisition, which completed in December 2016. Our stand-alone valuation for the assets is in line with the acquisition price of AUD 455 million. Sierra Leone-based Sierra Rutile largely adds rutile production and will see a more balanced split of revenue between zircon for tiles and rutile and synthetic rutile for the titanium market--mainly used in pigments for paints and plastics.On a stand-alone basis, we th...
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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