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.