🕐24.02.11 - 22:54 Uhr

Iluka Resources Full Year Results to 31 December 2010



Iluka issued its 2010 full year results this morning (ASX Release, 4E and presentation slides -as well as a 2011 Physical and Financial Parameters document.  Click the links to view or go to www.iluka.com.

 

Key features of the results:

 

·          Minerals Sands Revenues of $874.4 million (2009: $576 million)

·          2010 Group EBITDA of $304.7 million (including Mining Area C contribution of $75.9 million) - 2009 $99.6 million

·          Mineral Sands EBITDA of $250.2 million (2009: $75.6 million)

·          NPAT of $36.1 million (2009: loss of $82.4 million)

·          Net debt of $312.6 million; gearing (net debt/debt+equity) of 21.8% (reduced to $260m net debt as at end of January 2011)

·          Directors intention to pay a dividend of 8 cents unfranked (dividends were suspended in May 2007)

 

Market Conditions

 

·          Iluka advised a weighted average 20% price increase for zircon for the 1st quarter of 2011, from end 2010 level (which was above US$1,000/t)

·          Iluka advised a weighted average 30% - 40% first half 2011 price increases for rutile and synthetic rutile (relative to 2010 average of US$550/t and US$450/t respectively)

·          Iluka has reset zircon prices quarterly; titanium dioxide pricing is effective for 6 months

·          Zircon supply, in Ilukas assessment, is tight with inventory held by raw material suppliers and downstream by direct customers at extremely low levels - Iluka continues to allocate volumes to customers

·          High grade titanium dioxide supply remained tight during 2010, with Iluka having insufficient feedstock in 2011 to meet all customer requirements.

As has been evident from company announcements, pigment pricing has been increasing.

 

Please contact me if you have any questions.

I am in
Perth so best to try my mobile + 61 (0) 407 391 829.

 

Regards

 

Rob

Robert Porter | General Manager Investor Relations
Iluka Resources Limited
Mobile +61 (0) 407 391 829 
Perth Corporate + 61 8 9360 4700




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