Iluka announces royalty demerger
PERTH (miningweekly.com) – The shareholders of mineral sands miner Iluka are expected to meet on October 16 to vote on the demerger of the company’s royalty business Deterra Royalties.
The directors of Iluka have unanimously recommended that shareholders vote in favour of the proposed demerger, which would result in two independent ASX-listed companies.
Iluka would retain its portfolio of mineral sands projects, while Deterra would become the largest independent royalty company listed on the ASX, with royalties held over BHP-operated Mining Areas C, in the Pilbara, as its cornerstone asset.
“Iluka’s mineral sands business is a global leader in the zircon and high-grade titanium dioxide feedstock markets, and a demerger will therefore liberate two fundamentally distinct businesses, each with quality assets and a promising future, into two standalone ASX-listed companies,” Iluka chairperson Greg Martin told shareholders in a letter.
He said that the demerger would empower the board and management to focus on the individual business plans and distinct growth strategies for each business, allowing for greater flexibility and focus when pursuing growth opportunities for each company, and providing the ability to adopt an appropriate capital structure.
If the demerger is approved, eligible shareholders will be entitled to receive one share in Deterra for every Iluka share held at the record date, with Iluka to retain a minority shareholding interest of 20% in Deterra as a long-term investment.
Subject to shareholder approval, it is expected that Deterra shares will start trading on the ASX on October 23.
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