WA mining project faces 25% cost surge
Cost pressures persist in Western Australia's mining and construction sector, as one of Australia's government-funded renewable minerals processing projects experiences a 25% increase in expenses.
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Iluka Resources Limited
Iluka is an international mineral sands company with expertise in exploration, development, mining, processing, marketing and rehabilitation.
The company has over 60 years’ experience in the mineral sands industry.
Iluka’s portfolio includes operations in Australia and Sierra Leone; projects in Australia, Sierra Leone and Sri Lanka; and a globally integrated marketing and distribution network.
The company also holds a royalty over iron ore produced from specific tenements of BHP’s Mining Area C.
Iluka is headquartered in Perth, Western Australia.
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News
Iluka reduces dividend amidst revenue and earnings slump
Mineral sands producer Iluka (ASX:ILU) has made a significant cut to its interim dividend, offering just 3 cents per share for the six months ending June 30.
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Iluka Takes Bold First Step to Rare Earths Future
Booming Iluka Resources has taken its first step to a rare earths future by greenlighting its $480 million Balranald critical minerals development in southern NSW’s Riverina area.
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Iluka Locks Down Rare Earths Supply
Iluka has moved to secure its first third-party supply of rare earths raw material for its planned $1.2 billion Eneabba refinery and project near Perth via a deal with Northern Minerals.
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Market Liking the Look of Iluka
Two major developments, along with a massive surge in revenues and profits as well as a hefty dividend lift, helped push shares in miner Iluka Resources up nearly 10% on Wednesday.
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Analyst Views
ILU – Credit Suisse rates the stock as Outperform
The broker assesses the recent sell-off opens up some value and upgrades to Outperform from Neutral. Targets raised to $13.20 from $13.00.
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ILU – Credit Suisse rates the stock as Neutral
Credit Suisse retains its Neutral rating and $9 target price.
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ILU – Citi rates the stock as Neutral
The strong quarterly report has triggered (noticeable) upgrades to forecasts. Neutral with a target price of $10.00.
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ILU – Credit Suisse rates the stock as Underperform
Underperform rating maintained as Credit Suisse asserts there are plenty of unknowns around growth options. Target is $5.70.
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ILU – Credit Suisse rates the stock as Outperform
Credit Suisse found little clarity in the June quarter production result but commentary appears to suggest some of the worst may be behind the business.
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