Iluka reports A$28m write-downs as profit plunges
PERTH (miningweekly.com) – Mineral sands miner Iluka’s full-year profit for 2013 has dropped to A$18-million, from A$363.2-million at the end of 2012.
The miner told shareholders that it had written down A$28-million in assets during the year, while rehabilitation provisions increased to A$13-million.
In light of the continued idling of some of its assets, as well as changes to mine plans and successful technical developments, Iluka predicted that the carrying value of a number of its idled assets in Western Australia would also be written down.
The idle asset value adjustments related to old equipment and the capital expenditure associated with restarting synthetic rutile kiln 3, which was subsequently idled in the first half of the financial year.
Iluka’s ability to produce synthetic rutile from the Balranald deposit, in New South Wales, and successful trials at its Virginia ilmenite project to produce high-quality synthetic rutile in Western Australia, meant that previously planned mining at the Tutunup and Yoganup deposits, as well as the reactivation of the Eneabba operation as an ilmenite feedstock, have been deferred.
Iluka posted a 42% year-on-year decline in zircon, rutile and synthetic rutile production for the year ended December.
The decrease in production was in line with guidance, and reflected production constraints consistent with Iluka’s preferred approach to a period of low market demand.
For the full 12 months, revenue declined to $763-million, from $1.06-billion achieved in 2012.
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