Tight Supply Underpins Positive Outlook for Iluka Resources, AUD 11 FVE Maintained
No-moat-rated Iluka's share price is down almost 30% since May 2018 highs above AUD 12 per share. The sell-off reflects concerns that prices of zircon and titanium dioxide feedstocks will decline and came despite a modest rise in the S&P/ASX 200 Resources index. We generally see global metals and mining firms as overvalued, but not Iluka. The market is too pessimistic on the outlook for prices. Demand growth for zircon and titanium dioxide feedstocks is only likely to be steady, but supply c...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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