Global number two minsands miner Iluka Resources Ltd’s profits rose by 88% despite huge falls in production of zircon and titanium dioxide (TiO2) feedstocks and further cuts to production for the rest of 2012.
The drop in production was compensated for by a doubling of prices. The weighted average price for zircon, rutile, and synthetic (syn) rutile increased to A$2,300/tonne ($2,409) for H1 2012, from $1,050/tonne ($1,099/tonne), for the full year 2011.
However, the company’s cost/tonne increased to A$709/tonne ($743) for zircon, rutile and syn...