Mineral sands miner Iluka Resources has slid to a full-year loss of $224 million on the back of hefty writedowns related to a restructuring of the companys business amid the downturn.
The loss was within the $220 million to $230 million range the company had forecast in January, but sharply lower from the previous years $53.5 million profit.
The results reflect the continuation of both subdued market conditions and lower revenues across the three main products, mainly associated with lower zircon prices, and also a number of measures implemented as part of the review of the business, managing director Tom OLeary said.
The miner in January outlined a $201 million impairment charge related to a writedown of mine reserves, exploration assets a…
Read the full article at: https://thewest.com.au/business/restructure-writedown-weigh-heavy-on-iluka-results-ng-b88395811z