Iluka increases production as it sees signs of demand recovery
PERTH (miningweekly.com) – Mineral sands miner Iluka has increased production across all its products, as it anticipates an upturn in demand.
During the three months to March, the ASX-listed miner produced 56 100 t of zircon, an increase of 13.6% on the previous quarter and a 38.7% improvement on the previous corresponding period.
Rutile production for the quarter under review rose by 49.5% on the three months to December, and by 28.7% on the previous corresponding period to 25 800 t.
Ilmenite production, however, declined by 5.3% on the previous quarter and 31.5% on the previous corresponding period, to 160 900 t, as Iluka idled two mining operations in Western Australia, and demanded lower production from its Virginia operations.
No synthetic rutile was produced during the quarter, as capacity was idled during the June quarter of last year.
The company told shareholders that it had observed numerous positive on-ground market indications around the likely recovery in demand for both zircon and high-grade titanium dioxide feedstock during 2014, including inventory normalisation and an increase in enquiries regarding the availability of the company’s products.
As a result, the miner has increased production, but has pointed out that it continued to operate below its full production rates.
Sales revenue for the quarter under review declined to A$130.7-million, from A$139.9-million achieved over the same period in 2013, and reflected the subdued sales volumes and the materially lower received prices during the period, Iluka said.
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