Illuka posts loss and will axe 90 jobs

Company News

by Jessica Amir

Iluka Resources Limited (ASX:ILU) has announced its expecting a net loss of up to $230 million for 2016, and as a result it will make 90 jobs redundant

The mineral sands miner made the decision following a business review, after Iluka etched non-cash impairments of $201 million pre tax.

Iluka says its also necessitated the write-down of some assets, particularly its project in the Murray Basin, which has been idle for some time.

It has not only ceased a number of exploration activities but also reduced costs.

The decision will materially reduce Illuka’s non-production cash costs in 2017 by $20 million.

Iluka Resources Limited (ASX:ILU) posted a loss of $20.9 million at 30 June 2016.
 

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