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.
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.
“Inflation in Australia was persistent throughout the year, which impacted our cost environment,” Iluka managing director Tom O’Leary said.
“By electing to run our mines at capacity, we optimised unit costs and maintained Iluka’s ability to service the premium zircon market, where demand is stronger.
“The company has built ilmenite inventory to ensure feedstock is available for a future restart of our swing synthetic rutile asset, SR1, when market conditions warrant.”
Iluka’s revenue dipped by 9 per cent, from $1.2 to 1.1 billion, while its underlying group earnings before interest, tax, depreciation and amortisation also regressed by 18 per cent to $499 million.
The company's board declared a 4 cents per share dividend, fully franked, which resulted in an overall full-year payout of 8 cents per share.
Last month, the miner told the market it would be culling 130 jobs across the operation and support components of its business, in a bid to preserve cash ahead of ramping up construction of its $1.8 billion Eneabba rare earths refinery in Western Australia’s mid-west.
It produced 496,000 tonnes of zircon, rutile and synthetic rutile throughout 2024, beating its initial guidance of 455,000t.
In 2023, the company produced 639,200t.
Iluka last traded at $4.67, trading relatively flat, as of 9.17am AWST.
