News: ILU Iluka Resources suspends Jacinth-Ambrosia mining and concentrating activities

Feb 16 (Reuters) - Iluka Resources Ltd (ILU) :

• Iluka suspends j-a mining and concentrating activities (ILU)
• Will suspend mining and concentrate production activities at its Jacinth-Ambrosia Operation in Eucla Basin, South Australia
• Says suspension of these activities will be from 16 April for a period of 18 to 24 months, depending on market conditions
• In 2016 a net cash cost benefit of approximately $30 million is expected after $16 million in idle, restructure and rehabilitation costs
• Suspension will, regrettably, result in approximately 33 Iluka employees being made redundant out of iluka's direct workforce of 79
• Decision to suspend mining and concentrating activities at jacinth-ambrosia will increase company's free cash flow at a time of low industry returns
• In 2017 net cash cost benefit is expected to be about $45 million after idle, restructure and rehabilitation costs of $25 million
• "Approximately 46 personnel will be retained or redeployed"