Iluka Approves Project
The Age
Thursday May 22, 2008
MINERAL sands miner Iluka Resources has approved development of its $420 million Jacinth-Ambrosia project, in an effort to lower costs and maintain its dominant position in the global zircon market.
The project, in South Australia's Eucla Basin, should start production by the first quarter of 2010. The capital cost figure announced yesterday was $30 million less than flagged earlier, because the company decided to run the concentrator at a lower rate.Iluka has missed out on the benefits of the mining boom, as it has struggled to control higher costs at its ageing West Australian mineral sands mines. The rising $A has eroded profit. Iluka controls 37% of the global market for zircon, which is used in ceramics. Iluka shares gained 1? to $3.84. -- JAMIE FREED
© 2008 The Age