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Iluka Resources Limited’s (ASX:ILU) first quarter total mineral sands production and revenue has dropped though zircon and rutile output has risen in the first three months of 2014.
Total mineral sands production fell almost 19 per cent to 221,200 tonnes in March quarter due to lower use of the company’s mineral separation plant and asset idling.
Zircon production increased from the prior quarter and year before due to a planned increase as demand recovers and finished goods inventory is drawn down.
Rutile production also rose as Iluka returned to normal operations in the Murray Basin while there was no synthetic rutile production after capacity was idled last year.
The company’s mineral sands revenue declined to $130.7 million over the quarter with Iluka Resources’ blaming subdued sales volumes and materially lower received prices for the fall.
Iluka Resources’ net profit dropped 95 per cent to $18.5 million over the 2013 calendar year.
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