ASX Materials Shares News Iluka Resources (ILU)

Iluka Resources ASX ILU Materials SharesIluka Resources (ILU) is a major participant in the global mineral sands sector and is involved in the production, sales and marketing of titanium mineral products (rutile, ilmenite, leucoxene and synthetic rutile) and zircon.

ILU is the largest producer of zircon in the world, with an approximate market share of 34% and the second largest producer of titanium dioxide minerals with an approximate market share of 18%.

It has been one of the shares to buy over the past year, with its stock price quadrupling since the beginning of 2010.

On 13 April, ILU reported its latest quarterly production report.

The group announced a 29.4% on-year increase in mineral sands production for the March 2011 quarter.

Zircon and rutile production met or exceeded ILU’s internal expectations.  Iluka Resources gave FY11 production guidance of approximately 500,000 tonnes of zircon and 250,000 tonnes of rutile.

Revenue surged 51% from the March 2010 quarter, to $226.3 million, driven by stronger zircon demand, and a global supply shortage of titanium leading to higher selling prices.

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