Top zircon producer posts loss, skips interim dividend
20 Aug 2009
Mineral sands miner Iluka Resources, the world's biggest producer of zircon posted a $55.8 million loss for the six months to 30 June. The first-half net loss was down from a net profit of $15.6 million in the first half of last year.
The loss includes write-downs on the value of two deposits in Australia and closing of unprofitable mines.
The company did not declare an interim dividend reporting a revenue of $182.3 million which is down 57. 2 per cent.
The company was forced to idle half its production in Western Australia cut back its workforce there by a third. It had a continuing operations loss of $78.9 million.
Managing director David Robb said the company had flagged navigating through the global economic crisis as its top priority for 2009, which has consumed much of the company's time in the first half.
He said the company had done despite some unprecedented impacts in its industry from the global economic slowdown.