Sembehun Delays and Softer Sales Volumes Sees our FVE Lowered to AUD 11 per Share
A few setbacks for no-moat Iluka Resources sees our fair value estimate decline modestly to AUD 11 per share from AUD 11.50 previously. The key headwind is rising capital costs at Sembehun which has forced Iluka to reassess the development scope. Sembehun contains the vast majority of resources at the company’s Sierra Rutile operations. The zircon market also appears soft in the near term, with higher prices incentivising additional swing supply, and customers delaying the purchase of raw materi...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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