Iluka completes Sierra Rutile merger
PERTH (miningweekly.com) – ASX-listed Iluka Resources has completed the acquisition of Sierra Rutile for A$375-million.
The completion of the merger followed on from German regulatory approval in November and Iluka negating fears over the geotechnical risks at the Sierra Rutile tailings dams, in Sierra Leone.
Iluka has now assumed Sierra Rutile’s net debt of about A$80-million, and is in the process of making arrangements to have this repaid from its own facilities.
“The Sierra Rutile merger extends Iluka’s resource base and provides access to a major global source of rutile,” Iluka MD and CEO Tom O’Leary said on Thursday.
“Iluka believes that the combination of the experience and capabilities of Sierra Rutile personnel with Iluka’s mineral sands operational and technical experience, gained across multiple orebodies and processing facilities over many years, will enhance the operational performance of Sierra Rutile.”
Sierra Rutile is a large, long-life rutile mining and processing operation with material expansion options.
O’Leary said that Iluka would continue with the evaluation of the development options for the project through definitive feasibility studies on each option. Subject to this evaluation and market conditions, Iluka planned to commit progressively to exploration opportunities that could see a significant increase in rutile production and a material improvement in unit costs of production.
Iluka will be spending some $60-million over the next two years on operational and safety performance improvement measures at Sierra Rutile, subject to developing detailed plans and obtaining any necessary regulatory approvals, as well as the company’s normal capital expenditure approval.
The initial focus will be on upgrading safety systems.
Comments
Research Reports
Projects
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
