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On Sunday 19 June 2022 Iluka released the Demerger Booklet containing information regarding the proposed Demerger of Sierra Rutile Holdings Limited from Iluka.

Following the Extraordinary General Meeting held on 22 June 2022, Iluka shareholders passed overwhelmingly in favour of the demerger. The demerger became effective on 25 June 2022. Sierra Rutile (ASX SRX) and Iluka began trading independently on 27 June 2022.