Iluka Resources Limited
(ASX:ILU) cut production by nearly half in the March quarter, and will reduce it even more as prices fall.
The mineral sands miner says poor prices and weak demand led to a 21 per cent fall in mineral sands revenue of $139.9 million.
The company says sales volumes were actually higher during the quarter, with the lower revenue reflecting a drop in prices.
Iluka is the world's largest producer of zircon, but its price has plunged about 40 per cent in the last year due to lower Chinese demand.
Production of zircon and rutile-synthetic - used in paint pigments - was 110,900 tonnes - down 49 per cent from the same period last year.
Iluka Resources generated a net profit of $363.2 million for its 2012 financial year.
