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Iluka holds a 20% stake in Deterra Royalties Limited (ASX:DRR), the largest ASX-listed resource royalty investment company following the completion of the demerger separating the mineral sands and royalty businesses. Iluka regards its investment in Deterra as a long term investment that provides additional financial strength.

Deterra's cornerstone asset is the MAC Royalty, which is a royalty over iron ore produced from specific tenements of BHP's Mining Area C (MAC) province in Western Australia. The royalty results from a 1994 restructure of deferred payments owed to Consolidated Gold Fields Australia, an Iluka antecedent.

MAC is a large iron ore mining area located in the Pilbara region in the North of Western Australia, operated by BHP Billiton. The agreement provides for a revenue-based royalty and production capacity payments consisting of:

  • ongoing quarterly royalty payments of 1.232 per cent of ​Australian denominated revenue from the MAC Royalty Area; and
  • a series of one-off payments of AUD$1 million per million tonne increase in the annual production level from the MAC Royalty Area during any 12 month period ending 30 June above the previous highest annual production level.

For information on Deterra, visit the website at 

Demerger Effective

On Thursday, 10 September 2020 Iluka released the Demerger Booklet containing information regarding the proposed Demerger of Deterra Royalties Limited (Deterra) from Iluka. The subsequent vote at the Extraordinary General Meeting held on 16 October 2020 passed overwhelmingly in favour of the demerger. On October 23 2020, Deterra Royalties Limited (ASX:DRR) was officially admitted to the ASX and both Deterra and Iluka began trading independently.