Iluka Resources Ltd has admitted 2010 was financially disappointing, but said it was now positioned to better serve the market in terms of pricing, increased production, exploration, and new products. The comments were made during the titanium mineral and zircon producer’s 56th Annual General Meeting in Melbourne, Australia.
John Pizzey, chairman of Iluka, described 2010 as “...an important year for Iluka. It was a year in which a transformation of the company was completed and a year which set a base for a period of significantly improved shareholder value creation and delivery.”
However, Pizzey admitted that despite positive signs for the future, the 2010 financial performance of Iluka fell short of expectations.
David Robb, managing director, echoed his chairman: “We are under no allusions that superior financial performance now has to be delivered. I am confident that the ‘new Iluka’ will deliver in 2011, despite the...