Iluka Resources is an Australian resources company, specialising in mineral sands exploration, project development, operations and marketing. Iluka is the largest producer of zircon and titanium dioxide–derived rutile and synthetic rutile globally.[1] Iluka mines heavy mineral sands and separates the concentrate into its individual mineral constituents rutile, ilmenite, and zircon. Some of the ilmenite is then processed into synthetic rutile.
 | |
| Company type | Public company |
|---|---|
| ASX: ILU | |
| Industry | Mining |
| Founded | 1998 |
| Headquarters | 140 St Georges Terrace, Perth, Western Australia |
Key people | Rob Cole (Chairman) Tom O'Leary (CEO) |
| Products | Ilmenite, Zircon, Rutile, Synthetic Rutile |
| Revenue | $1.2 billion (2023) |
| $582 million (2023) | |
Number of employees | 1,075 (2023) |
| Website | www.iluka.com |
Iluka has operations in the Australian states of Western Australia (Eucla and Perth Basins), South Australia (Jacinth-Ambrosia Mine), Victoria and New South Wales (Murray Basin), the United States (Virginia) and Sierra Leone.
History
editIluka Resources was formed in July 1998 in a merger between Westralian Sands and the titanium mineral business of RGC.[2][3] Westralian Sands was established in 1954 but commenced operations in 1959 when it started mining and processing the Yoganup deposit near Capel in Western Australia.
By 1999, the company had sold off or closed many parts of its business including Westlime Limited, Koba Tin, RGC Thalanga Copper, RGC South Capel operation and its share of the Narama Coal mine in New South Wales.[4]
In September 2008 the company sign a contract with rail freight operator El Zorro to carry containerised mineral sands from Portland in the south-west of Victoria to Melbourne, with Iluka saying rail transport was cheaper than road.[5]
In 2006, it closed its operations in Florida and Georgia retaining a presence in the United States in Michigan.[6]
In March 2009, Iluka announced that it would bring forward the closure of one of the Synthetic Rutile kilns at the Narngulu operations and that 23 jobs would be lost. The move came in response to falling demand as a result of the Global Economic Crisis.[7]
Iluka established an initial 18.3 per cent interest in the UK technology company, Metalysis, which is seeking to commercialise technology to convert metals into powder, including titanium powder. Iluka increased its interest to approximately 28 percent in 2016 with additional investment.[8] Iluka also commenced work in 2014 with Vale in relation to the potential commercialisation of a large titanium ore body, with rare earth elements, in Minas Gerais, Brazil. Iluka conducts international exploration, including for selected non-mineral sands opportunities, mainly on its Australian tenements.[8]
In August 2016, Iluka announced its intention to acquire Sierra Leone–based and London Stock Exchange–listed miner Sierra Rutile Limited.[9] The sale was finalised in December 2016 for $393 million.[10][11] As part of the acquisition, Iluka intended to invest $290 million to expand production, improve operation and safety facilities and streamline operations. The Sierra Rutile mine has an extensive, long-life rutile deposit which complements existing assets in titanium oxide.[12] In April 2022, the Sierra Leone business was spun off.[13]
References
edit- ^ Yeomans, Jon (9 August 2016). "Mineral sands producer Sierra Rutile confirms £215m sale to Iluka". The Daily Telegraph. Retrieved 22 January 2019.
- ^ ACCC not to oppose RGC / Westralian Sands merger Australian Competition & Consumer Commission 8 September 1998
- ^ "Acted Consultants – Rutile and ilmenite – Australian production". 2008. Archived from the original on 23 February 2021. Retrieved 12 March 2008.
- ^ "Iluka Resources Limited – Our Business". 2007. Retrieved 26 August 2008.
- ^ "Rail freight back on Portland-Maroona line". ABC News. 3 September 2008. Retrieved 4 September 2008.
- ^ Iluka Announces Staged Closure of Florida / Georgia Operations Iluka 8 December 2005
- ^ "Iluka hit by kiln closure, lower production". 2009. Archived from the original on 21 April 2009. Retrieved 8 April 2009.
- ^ a b "Iluka-backed UK tech company poised for IPO". 2014. Retrieved 10 March 2016.
- ^ Yeomans, Jon (9 August 2016). "Mineral sands producer Sierra Rutile confirms £215m sale to Iluka". The Daily Telegraph. Retrieved 29 December 2018.
- ^ "Merger with Iluka Resources". Sierra Rutile Limited. Archived from the original on 25 December 2016.
- ^ "SIERRA RUTILE JOINS WITH ILUKA TO ENTER NEXT PHASE OF GROWTH" (PDF). 8 December 2016. Archived from the original (PDF) on 17 April 2017.
- ^ "Iluka to spend up to 290m in Sierra Leone". The Daily Telegraph.
- ^ Iluka spins off African mine as it chases rare earths Sydney Morning Herald 13 April 2022