The mineral sands miner posted financial results for the third quarter.
Australian mineral sands miner Iluka Resources posted financial results for the third quarter on Tuesday, showing less production at its facilities while providing only a minor update regarding the Eneabba rare earth refinery. In the past quarter, production of zircon, rutile, and synthetic rutile dropped to 138,000 tons, down roughly 17 percent compared to the same period last year. Iluka cites lower-grade ore processing as the reason for the decline in production. In terms of sales, the company reported an overall revenue decline of four percent for its product. A subdued ceramics demand in China weighed on sales, while zircon demand in Europe remained stable, Iluka said. However, the recently announced Chinese stimulus measures could have positive effects in the coming year.
In the report (PDF), Iluka gave no definitive update regarding the planned Eneabba rare earth refinery. However, the company announced it would provide an updated project report in the second half of the year. The facility is set to become Australia’s first fully integrated refinery for producing separated rare earth oxides. Iluka has repeatedly revised the cost estimations upward.
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