History
Iluka Resources was formed in July 1998 in a merger between Westralian Sands and the titanium mineral business of RGC (Renison Goldfields Consolidated).
Westralian Sands was established in 1954 but commenced operations in 1959 when it started mining and processing the Yoganup deposit near Capel in Western Australia.
By 1999, the company (now Iluka Resources) sold off or closed many parts of its business including Westlime Limited, Koba Tin, RGC Thalanga Copper, RGC South Capel operation and its share of the Narama Coal mine in New South Wales.
In September 2008 the company signing a multi-million deal with rail freight operator El Zorro to carry containerised mineral sands from Portland in the south-west of Victoria to Melbourne, with Iluka saying rail transport was cheaper than road.
The Managing Director of Iluka, David Robb, saw his remuneration increase by almost 100% to $3 million during 2008 following a better than expected year for the company. Company profits were $61.7 million in 2008, almost three times the size of the forecast amount, this was a result of higher Zircon prices and a devaluation of the Australian dollar.
In March 2009, Iluka announced that it would bring forward the closure of one of the Synthetic Rutile kilns at the Narngulu operations and that 23 jobs would be lost. The move came in response to falling demand as a result of the Global Economic Crisis.
As a result of demand from China, the 2011 net year profit increased fifteen times the 2010 result. The 2011 profilt was reported as $542 million, compared to $36 million in 2010. The companies profit was driven by higher production with 158,000 tonnes of mineral sands.
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