Iluka Resources Ltd.’s More than doubled revenue with volume growth in Q1FY17

More than doubled revenue with volume growth in Q1FY17:Iluka Resources Ltd.’s (ASX: ILU) stock surged 11% on April 20, 2017 as the group reported for robust revenue growth from Zircon/Rutile/Synthetic Rutile (Z/R/SR) of 118.5% year on year (yoy) driven by recently acquired Sierra Rutile and increased zircon production, and 131.5% yoy growth in sales volumes (including Sierra Rutile) for Q1 FY17. However, excluding the Sierra Rutile contribution, production increased by 26.9% (to 32.1 thousand tonnes), which is reflecting the draw-down of the Murray Basin heavy mineral concentrate. Notably, the company has received higher weighted average prices for both zircon and rutile with price hike in the Q1FY17 due to favorable market conditions. Strong free cash flows enabled the company to reduce debt by $103 million to $403 million ($80 million attributable to free cash flow generation during the first quarter, with the remainder due to the revaluation of USD denominated debt) during Q1FY17. The company retains its Sierra Rutile production guidance at ~150k tonnes in 2017.

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