Iluka Resources Limited’s (ASX: ILU) stock climbed up 1.35 per cent on July 24, 2018 morning after the announcement of quarterly review for June 2018 in which the total revenue from zircon, rutile and synthetic rutile lifted 21 per cent to $607 Mn in the first half, despite 3% lower sales volumes. This was mainly supported by higher realization of its product portfolio during the same period. However, Zircon/Rutile/Synthetic Rutile(Z/R/SR) production for the first half was 351 thousand tonnes, down by 23% against 1HFY17. Based on this, the group has reduced the full year rutile production from 160 thousand tonnes to 145 thousand tonnes.
During the period, the group decreased net debt from $183 Mn (as at December 31, 2017) to $34 Mn, reflecting strong free cash flow in the first half of $226 million and a payment of $69 million for the FY17 final dividend. On the exploration front, the expenditure on exploration and evaluation charged to $3.4 million to the profit and loss account for the June quarter 2018, with expenditure for the first half 2018 of $4.4 million. The company has planned to double the capacity of both operation i.e., the Gangama and Lanti dry to 1,000-1,200 tonnes per hour from 500-600 tonne per hour.
Iluka Resources Limited traded at a market price of $11.26 with the market capitalization of circa $ 4.69 Bn (AEST: 04:00 P.M.)[pluginops_form template_id='23834' ]
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