SYDNEY, Feb 23 (Reuters) - Australia-listed miner Iluka Resources (ILU) booked impairment charges against idle equipment and said it was hit by higher mine rehabilitation costs after reporting a net loss of A$224 million ($172.6 million) for 2016.
The loss was in line with the A$220-A$230 loss million flagged by Iluka in January as it refocuses on a recent acquisition in Sierra Leone and writes off non-operating businesses elsewhere.
"Clearly, the results recorded today are unsatisfactory," managing Director Tom O'Leary said in a statement, adding that the company was also hit by lower zircon prices.
Iluka, which mines mineral sands used in tiles, paint and glass, recently completed a $267 million takeover of Sierra Rutile Ltd, which owns one of the world's largest deposits of rutile, used to make white pigment and titanium metal. ($1 = 1.2980 Australian dollars)
News: ILU Iluka Resources writes down idle mines, posts loss
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