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Production and Selling of Iluka both increase great in half year of 2017

August 2 2017      Source:Iluka

Keywords:Iluka zircon

KEY FEATURES

 

· First half zircon/rutile/synthetic rutile (Z/R/SR) production volumes were 36% (119 thousand tonnes) higher than the same period in 2016 at 453 thousand tonnes. Sierra Rutile contributed 82 thousand tonnes of Z/R production in the first half of 2017 (2016: nil as acquired on 7 December 2016).

 

· Improved mineral sands market conditions were evident in the first half of 2017:

- 43% higher Z/R/SR sales volumes at 454 thousand tonnes from the first half of 2016;

- 46% higher Z/R/SR revenue at $470 million from the first half of 2016;

- first half revenue per tonne of Z/R/SR up 2% from the first half of 2016;

- second quarter revenue per tonne of Z/R/SR up 5% from the first quarter of 2017;

- 13% price increase for Iluka’s Zircon Reference Price1 announced from 1 July 2017; and

- 9% - 11% price increase implemented for uncontracted rutile2 from 1 July 2017.

· Iluka’s net debt reduced to $305 million (31 December 2016: $506 million) reflecting strong free cash flow in the first half of $180 million and a strengthening in the Australian dollar revaluing US dollar denominated debt.

 

PRODUCTION AND SALES DATA

 

 

 

 

 

 

 

Jun-17

 

 

 

 

 

 

YTD vs

 

Jun-16

Mar-17

Jun-17

Jun-16

Jun-17

Jun-16

 

Quarter

Quarter

Quarter

YTD

YTD

YTD

 

 

 

 

 

 

 

Production

kt

kt

kt

kt

kt

%

 

 

 

 

 

 

Zircon

101.3

110.9

92.8

175.5

203.7

16.1

Rutile

31.4

67.8

82.0

56.7

149.8

164.2

Synthetic Rutile

49.8

53.5

46.1

102.2

99.6

(2.5)

Total Z/R/SR Production

182.5

232.2

220.9

334.4

453.1

35.5

Ilmenite

82.8

104.7

123.4

164.1

228.1

39.0

Total Mineral Sands Production

265.3

336.9

344.3

498.5

681.2

36.6

Sales

 

 

 

 

 

 

Zircon

 

 

 

154.5

197.4

27.8

Rutile

 

 

 

57.4

118.4

106.3

Synthetic Rutile

 

 

 

104.5

138.0

32.1

Total Z/R/SR Sales

 

 

 

316.4

453.8

43.4

Ilmenite

 

 

 

17.7

95.1

437.3

Total Mineral Sands Sales

 

 

 

334.1

548.9

64.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iluka’s first half zircon sales volume growth of 28% from the same period in 2016 reflects the increased sales volumes in the first quarter 2017. Demand for Iluka’s products continued to be very strong in the second quarter, influenced by underlying demand and customers’ continued demand for restocking from depleted levels. The Company’s approach has been, and continues to be, to support genuine demand of its long-standing customers rather than fuel speculative trading.

 

Subsequent to the price increase of US$50 per tonne that Iluka implemented effective from 15 February 2017, Iluka announced a further price increase of US$130 per tonne effective from 1 July 2017.

 

Iluka is of the view that, in the absence of a deterioration in global economic conditions, the demand outlook for zircon in 2017 and 2018 is for moderate growth. In Iluka’s assessment, it remains the only zircon sand supplier with significant inventories and is well positioned to meet the demand recovery for zircon.

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