Iluka Resources (ILU)

Stock Code

ILU

Stock Exchange

Australian Securities Exchange

Iluka Resources Limited (ILU) is engaged in the mining, exploration, separation and concentration of mineral sands as well as in the production synthetic rutile, rutile, ilmenite, coal, zircon and other titaniferous concentrates. ILU was listed on the Australian Stock Exchange (ASX) on the 30th of June 1962. Its average annual revenue reaches approximately $1 million out of its issued capital of $611 million. Its headquarters is located in Perth, Australia and to date; around 1,600 people are employed in the company.

Iluka Resources Limited has processing and mining operations in Western Australia. These are Virginia and Murray Basin in Victoria. These two operations are engaged in conducting exploration activities domestically and internationally. 51.04% of CRL Ltd, a mineral sands company located in Queensland is owned by Iluka Resources Limited.

ILU also operates six processing operations as well as eight mining operations in Victoria, Queensland, Western Australia and United States. Aside from these operations, ILU also maintains mining projects which are still in the planning stage in Victoria, Western Australia and South Australia.

Moreover, Iluka Resources Limited has an interest in the capacity and royalty payment arrangement connected with the iron ore operations of the Mining Area C of the BHP Billington in Western Australia. 50% of the interest of Narama thermal coal mine which is situated in Hunter Valley in New South Wales is held by the company.

Included in the products of Iluka that are sold around the world are titanium and zircon with main market in Aisa, Europe and North America. The titanium minerals produced by Iluka are used mainly to produce titanium dioxide pigment while the zircon is used for the manufacturing of refractories and ceramics as well as variety of chemical and high tech industrial applications.

Iluka Resources Company History

Iluka was a Westralian oil company when it was established in 1954. The name was altered to Westralian Sands in 1986. RGC which was a diversified miner was taken by Westralian Sands in 1998. The stock holders of the company decided to alter the name of the company to Iluka Resources in 1999.

Malaysia smelting purchased 75% interest in PT Koba Tin in 2002 from Iluka and gained Basin Minerals. Douglas mineral sands project found in Murray Basin, Southwest Victoria was obtained by Iluka and finalised extension project at its old Hickory plant located in Virginia.

Memorandum of Understanding (MOU) was signed together with Austpac Resources in 2003 to buy synthetic rutile plant situated in the coast of Australia from Austpac. The MOU consisted of attaining a stake in Austpac's Synthetic rutile plant and got exclusive rights in Austpac's Synthetic rutile technology. Processing operations found in Georgia and Lulaton mining started in 2004. In addition, the company joined Douglas mineral sands projects found in Murray basin. Iluka Resources with Adelaide Resources (ARL) established Colona Joint Venture to search heavy minerals in the Eucla Basin’s Barton Colona area located in the Southwest, South Australia.

In 2005, Xstrata Coal bought Nardell Colliery mining which was managed by Ashton Coal Interest, one of Iluka's businesses. 50% non operated interest in Narama thermal coal mine situated in Hunter Valley, New South wales was dispersed to Xstrata Coal in August 2007.

New mineral sands prospect which is Minsk Prospect was found by Iluka in September 2007. Minsk Prospect is located in New South Wales portion from its Murray Basin tenement holdings. Heavy mineral (HM) was searched in Eucla basin, South Australia by Iluka in December 2007. The Far West Coast Native Title Group and Iluka signed a contract for historic Native Title permitting Iluka to go on with its mining activities at the Jacinth-Ambrosia zircon deposits found in Far West, South Australia.