Iluka Resources Limited was formed through the merger of RGC Limited and Westralian Sands Limited in 1998, with the name Iluka adopted in 1999.

The company’s historical operations have been centred in the South West of Western Australia, with mining at Yoganup and Capel, as well as other deposits. In the Mid West of Western Australia, the Eneabba operation has been a major contributor to both Iluka and the global supply of mineral sands products. The company has mining activities in South Australia at the Jacinth-Ambrosia zircon deposit in the Eucla Basin and in the Murray Basin, associated with multiple rutile-rich deposits. Mining and processing operations in the United States have been undertaken in Florida, Georgia and Virginia (since completed). The company acquired Sierra Rutile, a multi-mine operation in the south west of Sierra Leone, in December 2016.

The company has an in-perpetuity royalty associated with revenue from certain tenements in BHP Billiton’s Area C in the Pilbara, Western Australia. This royalty emanates from Consolidated Gold Fields Australia’s involvement in the Mount Goldsworthy Mining Associated Joint Venture.

Iluka's Managing Director, Tom O’Leary, was appointed in 2016.


  • Tom O'Leary appointed at Managing Director and Chief Executive Officer
  • Acquisition of Sierra Rutile Limited 

2014/2015 - Solid margins maintained; operations managed in line with market demand 

  • Signs of demand recovery for titanium dioxide feedstocks; zircon market demand variable
  • Operations managed in line with market conditions: increase in Z/R/SR production and build of rutile-rich concentrate in advance of cessation of Murray Basin mine Woornack, Rownack and Pirro
  • New project feasibility studies advanced
  • Disciplined cash cost performance
  • Cash flow strengthened
  • Fully franked dividend payments maintained – consistent with framework to pay minimum of 40 per cent of free cash flow
  • Low capital expenditure while advancing development options
  • Balance sheet strength and significant funding headroom

2013 - Production Response to Cyclical Low

  • Significant production reductions – operating at approximately 40 per cent of capacity
  • Flexibility to quickly respond to demand recovery
  • Cash conservation focus – approximately 40 per cent cash cost reduction compared with 2011
  • Investment in new project evaluation, exploration and R&D maintained
  • Marketing 2nd Wave initiatives – focus on customer servicing
  • Balance sheet strength – preparedness to invest counter cyclically

2012 - Challenging Market Conditions - Production Response

  • Coincident cyclical weakness in zircon and high grade titanium dioxide feedstock markets
  • Demand conditions weaker than 2009 GFC
  • Production/supply discipline in an attempt to protect margins/pricing
  • New A$800 million multilateral debt facility in place
  • Zircon sales impacted by sharp price declines led by others
  • Moderate gearing at year end (5.8 per cent)

2011 - High Demand Year - Favourable Volumes/Prices/Margins

  • First year of unconstrained titanium dioxide feedstock prices/contracts for Iluka
  • Further zircon pricing increases (>US$2,000/t)
  • Higher margins and stronger free cash flows
  • Supply of zircon and high titanium dioxide feedstocks tight

2010 - Demand Recovery

  • Projects successfully commissioned
  • Zircon prices increase by approximately 30 per cent
  • Uncontracted titanium dioxide products priced >20 per cent above "legacy" contract prices
  • Dividends re-introduced

2009 - Global Financial Crisis

  • Business reconfiguration accelerated
  • Projects kept on track – A$520 million capital budget
  • Further balance sheet funding headroom initiatives
  • Zircon supply response to protect pricing outcomes
  • Murray Basin Stage 2 commences production • Jacinth-Ambrosia project commences production – under budget and ahead of schedule

2007 - Shareholder and Organisational Alignment

  • Performance management objectives aligned to shareholder objectives
  • Short and long term incentives aligned to shareholder value creation
  • Integrated business planning and decision making processes

2008 - Growth Commitment

  • Balance sheet recapitalisation – debt and equity
  • Commitment to new growth projects in capital efficient manner
  • Re-focused marketing/pricing disciplines