Iluka proposes the acquisition of SRL
2016-08-03 12:44:57 [Print]
BEIJING (Asian Metal) 3 Aug 16 - Iluka Resources Limited (Iluka) has made a joint announcement with Sierra Rutile Limited (SRL), issued on the London Stock Exchange and the Australian Securities Exchange, in relation to an all-cash offer to acquire the entire issued and to be issued shares of SRL and therefore its rutile mining operations in Sierra Leone.
The announcement and the accompanying slide pack provided additional information for Iluka shareholders. Iluka held a teleconference for shareholders, media and equity market participants on Monday 1 August at 3.00pm Australian Eastern Standard Time. A transcript and audio recording of this teleconference will be available on Iluka.com shortly after the session. If the proposed acquisition is completed, further evaluation work and appropriate studies will be undertaken by Iluka to report the SRL Mineral Resources in accordance with the ASX Listing Rules.
Genrenal Manager of Investor Relations of Iluka, Dr. Robert Porter, said, “The company is mining Ilmenite in the south west of Western Australia as a feed for its synthetic rutile kilns and has the capability to produce chloride ilmenite from its Virginia assets – currently idled. So the acquisition does not suggest that Iluka will move focus on rutile business only. Also, with the development of chloride pigment technology in China, rutile is an ideal feed source and we hope it is a product that Iluka can supply in greater quantities. Additionally, we believe the current prices of rutile are unsustainably low to support further investment in this industry and as such maintain supply.”
Iluka is the major producer of zircon globally and largest producer of the high-grade titanium dioxide products of rutile and synthetic rutile, with operations in Australia and Virginia, USA. The company has a royalty associated with a tier one iron ore operation – BHP Billiton’s Mining Area C province in Western Australia.
The announcement and the accompanying slide pack provided additional information for Iluka shareholders. Iluka held a teleconference for shareholders, media and equity market participants on Monday 1 August at 3.00pm Australian Eastern Standard Time. A transcript and audio recording of this teleconference will be available on Iluka.com shortly after the session. If the proposed acquisition is completed, further evaluation work and appropriate studies will be undertaken by Iluka to report the SRL Mineral Resources in accordance with the ASX Listing Rules.
Genrenal Manager of Investor Relations of Iluka, Dr. Robert Porter, said, “The company is mining Ilmenite in the south west of Western Australia as a feed for its synthetic rutile kilns and has the capability to produce chloride ilmenite from its Virginia assets – currently idled. So the acquisition does not suggest that Iluka will move focus on rutile business only. Also, with the development of chloride pigment technology in China, rutile is an ideal feed source and we hope it is a product that Iluka can supply in greater quantities. Additionally, we believe the current prices of rutile are unsustainably low to support further investment in this industry and as such maintain supply.”
Iluka is the major producer of zircon globally and largest producer of the high-grade titanium dioxide products of rutile and synthetic rutile, with operations in Australia and Virginia, USA. The company has a royalty associated with a tier one iron ore operation – BHP Billiton’s Mining Area C province in Western Australia.
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Unit:RMB/mt
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Unit: pcs
