But, given the very strong headwinds, investors are wondering if Iluka will ever manage to turn the corner. A RBC Capital Markets analyst, Geoff Breen, noted that a significant increase in zircon production in Indonesia was likely to lower the price of the commodity next year. And, with players such as BHP Billiton and Rio Tinto considering mineral sands production expansions in the next decade, the oversupply issue might not go away soon. "You've got to say, 'What's wrong?"' Mr Breen said. "It's the nature of the industry. The returns are not there."
