Iluka Resources has plunged to a $288 million loss following a bruising year for its mineral sands division, as it prepares to commission its Eneabba rare earths refinery in 2027.
Iluka Resources has withdrawn its synthetic rutile sales guidance after a key contract was thrown into uncertainty and amid persistent headwinds in the pigment industry.
Iluka Resources' taxpayer-backed Eneabba rare earths refinery north of Perth will be partly fed by concentrate from Africa amid a growing push to secure non-China supply chains.
Mineral sands miner Iluka Resources generated a full-year net profit of $231 million, down 33 per cent from $343 million in 2024, citing multiple factors.
Shares in Iluka Resources have fallen sharply after the company flagged potentially higher costs, an increased equity contribution and lower royalty payments with the federal backing.
Iluka Resources said today construction of its Eneabba rare earths refinery was dependent on getting more government support to meet higher costs but was unable to update shareholders.
Iluka Resources boss Tom O'Leary has taken a shot at China's “monopolistic production” of rare earths and warned of the country's preparedness to “weaponise” its control.
Iluka Resources has confirmed the cost of its Eneabba rare earths refinery will be near the top end of its guidance range, while also reporting a slide in annual profit.
Iluka Resources has commenced a feasibility study into potentially building a metallisation facility at Eneabba to further its downstream processing potential.
Almost 80 per cent of mining executives believe the industry can meet growing demand for clean energy minerals, according to a recent global survey from KPMG.
Iluka Resources boss Tom O'Leary has applauded the federal government's efforts to foster downstream processing in Australia, saying growth ambitions ‘should not be constrained by geopolitical tensions'.
Iluka Resources has inked the first offtake deal for its $1.2 billion Eneabba rare earths refinery, in a move which could allow it to up its stake in Northern Minerals to 19.9 per cent.
Iluka Resources has recorded a 185 per cent leap in net profits amid falling global supply options for mineral sands, but says future sales could be bound by production capacity.
Iluka Resources plans to proceed with construction of Australia's first fully-integrated rare earths refinery at Eneabba, with the federal government to provide most of the funding.
Iluka Resources managing director Tom O'Leary says he is excited about the opportunity in the rare earths sector, which will attract greater focus after the recent demerging of Iluka's iron ore royalties.
An array of companies, from blue chip miners to SMEs, is pursuing downstream processing of WA's battery minerals, despite the sharp downturn in the lithium market.
Mineral sands company Iluka Resources is planning to demerge its BHP iron ore royalty business into a new ASX-listed entity, while at the same time announcing its 2019 full-year results.
Mineral sands miner Iluka has lifted full-year revenue almost 40 per cent due to surging sales and higher prices for its products, but impairments have weighed on the bottom line.
Iluka Resources has approved its $275 million Cataby mineral sands project, which is set to provide 250 construction jobs, after securing offtake agreements for 85 per cent of production from the deposit.
Perth-based Iluka Resources plans to put its Hamilton mineral separation plant in Victoria on care-and-maintenance status, resulting in a $150 million pre-tax impairment charge in its half-year accounts.
Mineral sands miner Iluka Resources has slid to a full-year loss of $224 million on the back of hefty write-downs related to a restructuring of the company's business amid the downturn.
Iluka Resources boss Tom O'Leary says the company will swing the axe on 90 jobs after revealing a $201 million impairment and flagging a net loss of up to $230 million for 2016.
Mineral sands miner Iluka Resources could spend more than $290 million on ramping up production, streamlining operations and improving safety at Sierra Rutile after completing a merger with the Sierra Leone-based miner.
Mineral sands miner Iluka Resources has cast doubt on its planned $375 million takeover of Sierra Rutile after detecting geotechnical risks at the West African company's tailings dams.
Mineral sands miner Iluka Resources has revealed it is in takeover talks with London-listed Sierra Rutile, an Africa-focused miner with a market cap of about $400 million.
Chief executive salaries in WA are continuing to ratchet down, and companies are seeking more flexibility, a study of nearly 30 new appointments this year has found.
Tom O'Leary has resigned as head of Wesfarmers' chemicals, energy and fertilisers division to take the top job at mineral sands miner Iluka Resources, following in the footsteps of his predecessor David Robb.
Wesfarmers has promoted Rob Scott to managing director of a new industrials division created through the combination of its three non-retail operations.
Wesfarmers has announced changes to its senior management team with Tom O'Leary appointed as managing director of the group's energy division and Tim Bult to look after the business development arm.
