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ISIN: AU000000ILU1 · WKN: 859133 · Symbol: ILZ
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Iluka aims to shift more sandsFont Size: Decrease Increase Print Page: Print There's a sceptical market to win over, Andrew Trounson writes
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| July 16, 2007
WHEN new Iluka Resources managing director David Robb fronted his first shareholder meeting in May in Perth, among the audience was investment banking heavyweight Mark Carnegie waiting for a private meeting with the new man.
With Carnegie, if only metaphorically, were a troupe of frustrated investors including his investment banking partner John Wylie, mining legend Robert Champion de Crespigny, Ron Walker and the Packer family, who back in 2005 banded together to fork out as much as $7.50 a share to snare a 7.5 per cent stake in the mineral sands miner.
Unfortunately for them, Iluka shares are now wallowing just above $6.00, leaving major invester Kolsen's investment well under water. If they are seeking some short cuts and quick fixes, they have got the wrong man.
Mild-mannered and unassuming, Robb is determined to run Iluka with an eye to the long term, with a key, near-term objective of winning back Iluka's credibility with a disappointed and sceptical market.
"You have to run the company for the benefit of all shareholders and you run the company to maximise returns for shareholders. You have to see that as a long-term agenda," Robb said during an investor visit to Melbourne.
A large shareholder such as Kolsen being disappointed large is in a way the same as a small shareholder being disappointed, he says.
Kolsen is now just one of a swag of big investors positioned to earbash Robb on what he should be doing. In recent months, Iluka's shareholding has become one of the most concentrated on the stock exchange. Just six funds and Kolsen now own, between them, about 60 per cent of the stock.
Robb concedes that Iluka's highly concentrated shareholding puts these shareholders in a position to exert more influence on the company than might otherwise be the case, but as Robb puts it, being able to cut through opinion and stay focused is part of the job description.
"Part of the job of being a chief executive is ignoring the noise and trying to stay focused on what you believe is the right course."
To date, Iluka has been a major disappointment to the market at a time when the share prices of most other miners have been soaring because of the China-led boom in commodity prices.
When the Kolsen consortium climbed aboard in June 2005, the market was becoming increasingly excited by Iluka's spectacularly rich ziron discoveries in the isolated Eucla basin along the South Australian coast near Ceduna. The optimism about Eucla would eventually send the stock as high as $8.77 by September 2005.
Eucla's zircon grade is some 10 times richer than the global industry average, and promises to entrench Iluka's position as the world's biggest supplier with 35 per cent of the market. Zircon had also been rising strongly and continues to be strong, although there are expectations that prices are close to peaking.
Zircon is mainly used for whiteness and brightness in ceramics such as tiles and bathroom ware, and demand has been rising because of China's growth. Prices have hit about $US780 a tonne, compared with less than $US300 a tonne in 2000.
Iluka is also the world's second-largest producer behind Rio Tinto of mineral sands such as ilmenite and rutile, which contain titanium dioxide - the white powder used in pigments for paints. Prices for such titanium feedstock have been gradually strengthening since around 2004, although less strongly than zircon.
Developing Eucla was never going to be easy or cheap given the lack of infrastructure, and Iluka has so far failed to deliver on its apparent strengths.
At the company's original and ageing West Australian operations, costs are rising and mine grades declining. At the same time a strong Australian dollar has crimped earnings and remains a major concern for the market.
The big disappointment was the unravelling of previous chief executive Mike Folwell's plans to offset Western Australia by developing a new mineral sands province in western Victoria's Murray Basin. In the event, the Murray Basin project was hit by cost overruns and massive delays, which have culminated in Iluka being embroiled in a $140 million dispute with contractor Downer EDI. Commercial production from the Murray Basin only started in February, more than a year behind schedule.
By March this year, Iluka's share price had fallen almost 40 per cent from its high to as low as $5.35, and the shares are now just over $6.00.
"Iluka hasn't executed as well as it should have and it has been caught a bit short in some of its planning," says Robb, who took the reins in October last year.
Robb is a former BP and Wesfarmers executive who was heading up the Perth-based conglomerate's energy and coal business before taking the chief executive opportunity at Iluka.
"What attracted me was the complexity of the company and the industry, which despite positive attributes doesn't typically generate superior returns. For me, one of the challenges in the role is trying to unlock that puzzle." To that end Robb has instigated a review of the company and its strategy, the results of which he plans to announce in August at the half-year profit announcement.
Central to the review is tackling the declining performance of the West Australian operations, particularly the southwestern operations around Capel.
There is speculation that Iluka might finally bite the bullet and shut down the southwest, but that is unlikely, not least because such a move would crystallise closure and rehabilitation costs, which Iluka can ill-afford given its expansion plans.
Instead, some mining and concentrating facilities are likely to be closed as Iluka seeks to reconfigure the business.
"Will there be change? Yes. Is it likely that the change will lead to absolutely turning the lights out. No," Robb says.
"There is a good business in the southwest. Our challenge is to make sure that we get to that good business and address its shortcomings."
At the same time as fixing up Western Australia, Iluka is studying a $180 million phase-two expansion of the Murray Basin operations to the north. A feasibility study is to be completed by the end of the year.
This month it initiated a feasibility study on the $400 million Eucla development, which would result in minerals being moved from Ceduna for processing at Iluka's West Australian operations near Geraldton, and possibly the Murray Basin and its 51per cent-owned CRL operation near Brisbane.
A go-ahead is expected in mid-2008, which would allow first production in mid-2010.
In announcing the results of the review, Robb won't be making any grandiose statements. That isn't the style of a man known for his methodical approach with a focus on the details. His first priorities are to reconfigure the business, get the planning right and restore market confidence by delivering. "We are going to get to first base and then we are going to raise our sights a bit and look at how we get to second base, and from there we will worry about how we get the home run," he says. "If you roll the clock forward to this time next year, or a bit later, when we are able to see the first production from the northern Murray Basin, and when Eucla is well under way with first production 18 months away, then I think sentiment about the company will be more optimistic than it is today, perhaps."
The key challenge in the minerals sands market is that strong market positions aren't necessarily a guarantee of decent producer pricing power. While production is relatively heavily concentrated in a few players, so are the buyers. US giant Dupont is a dominant buyer in the titanium dioxide feedstock market, while the zircon market is dominated by buyers such as Spain's Endekan Ceramics and Italy's Industrie Bitossi.
The picture is further clouded by producers all having different priorities depending on the properties of their deposits. Mineral sands such as zircon, ilmenite and rutile occur together, with the relative richness of the minerals dictating the strategy of a producer. As a result, one miner's core product is a by-product for another miner, which makes supply discipline difficult.
"It is an industry in which not everyone sees the world in the same way, and structurally that isn't a good thing," Robb says.
Finally, the markets tend to be on the small side. For example, the 300,000 tonnes a year of zircon that Iluka is planning to take out of the Eucla Basin would equate to almost 25 per cent of global consumption. That means Iluka will have to be very careful in how it brings on production.
"Eucla is a tremendous opportunity. Our challenge is to ensure that we do the development sensibly and cost-effectively."
--------------------------------------------------------------------------------
| July 16, 2007
WHEN new Iluka Resources managing director David Robb fronted his first shareholder meeting in May in Perth, among the audience was investment banking heavyweight Mark Carnegie waiting for a private meeting with the new man.
With Carnegie, if only metaphorically, were a troupe of frustrated investors including his investment banking partner John Wylie, mining legend Robert Champion de Crespigny, Ron Walker and the Packer family, who back in 2005 banded together to fork out as much as $7.50 a share to snare a 7.5 per cent stake in the mineral sands miner.
Unfortunately for them, Iluka shares are now wallowing just above $6.00, leaving major invester Kolsen's investment well under water. If they are seeking some short cuts and quick fixes, they have got the wrong man.
Mild-mannered and unassuming, Robb is determined to run Iluka with an eye to the long term, with a key, near-term objective of winning back Iluka's credibility with a disappointed and sceptical market.
"You have to run the company for the benefit of all shareholders and you run the company to maximise returns for shareholders. You have to see that as a long-term agenda," Robb said during an investor visit to Melbourne.
A large shareholder such as Kolsen being disappointed large is in a way the same as a small shareholder being disappointed, he says.
Kolsen is now just one of a swag of big investors positioned to earbash Robb on what he should be doing. In recent months, Iluka's shareholding has become one of the most concentrated on the stock exchange. Just six funds and Kolsen now own, between them, about 60 per cent of the stock.
Robb concedes that Iluka's highly concentrated shareholding puts these shareholders in a position to exert more influence on the company than might otherwise be the case, but as Robb puts it, being able to cut through opinion and stay focused is part of the job description.
"Part of the job of being a chief executive is ignoring the noise and trying to stay focused on what you believe is the right course."
To date, Iluka has been a major disappointment to the market at a time when the share prices of most other miners have been soaring because of the China-led boom in commodity prices.
When the Kolsen consortium climbed aboard in June 2005, the market was becoming increasingly excited by Iluka's spectacularly rich ziron discoveries in the isolated Eucla basin along the South Australian coast near Ceduna. The optimism about Eucla would eventually send the stock as high as $8.77 by September 2005.
Eucla's zircon grade is some 10 times richer than the global industry average, and promises to entrench Iluka's position as the world's biggest supplier with 35 per cent of the market. Zircon had also been rising strongly and continues to be strong, although there are expectations that prices are close to peaking.
Zircon is mainly used for whiteness and brightness in ceramics such as tiles and bathroom ware, and demand has been rising because of China's growth. Prices have hit about $US780 a tonne, compared with less than $US300 a tonne in 2000.
Iluka is also the world's second-largest producer behind Rio Tinto of mineral sands such as ilmenite and rutile, which contain titanium dioxide - the white powder used in pigments for paints. Prices for such titanium feedstock have been gradually strengthening since around 2004, although less strongly than zircon.
Developing Eucla was never going to be easy or cheap given the lack of infrastructure, and Iluka has so far failed to deliver on its apparent strengths.
At the company's original and ageing West Australian operations, costs are rising and mine grades declining. At the same time a strong Australian dollar has crimped earnings and remains a major concern for the market.
The big disappointment was the unravelling of previous chief executive Mike Folwell's plans to offset Western Australia by developing a new mineral sands province in western Victoria's Murray Basin. In the event, the Murray Basin project was hit by cost overruns and massive delays, which have culminated in Iluka being embroiled in a $140 million dispute with contractor Downer EDI. Commercial production from the Murray Basin only started in February, more than a year behind schedule.
By March this year, Iluka's share price had fallen almost 40 per cent from its high to as low as $5.35, and the shares are now just over $6.00.
"Iluka hasn't executed as well as it should have and it has been caught a bit short in some of its planning," says Robb, who took the reins in October last year.
Robb is a former BP and Wesfarmers executive who was heading up the Perth-based conglomerate's energy and coal business before taking the chief executive opportunity at Iluka.
"What attracted me was the complexity of the company and the industry, which despite positive attributes doesn't typically generate superior returns. For me, one of the challenges in the role is trying to unlock that puzzle." To that end Robb has instigated a review of the company and its strategy, the results of which he plans to announce in August at the half-year profit announcement.
Central to the review is tackling the declining performance of the West Australian operations, particularly the southwestern operations around Capel.
There is speculation that Iluka might finally bite the bullet and shut down the southwest, but that is unlikely, not least because such a move would crystallise closure and rehabilitation costs, which Iluka can ill-afford given its expansion plans.
Instead, some mining and concentrating facilities are likely to be closed as Iluka seeks to reconfigure the business.
"Will there be change? Yes. Is it likely that the change will lead to absolutely turning the lights out. No," Robb says.
"There is a good business in the southwest. Our challenge is to make sure that we get to that good business and address its shortcomings."
At the same time as fixing up Western Australia, Iluka is studying a $180 million phase-two expansion of the Murray Basin operations to the north. A feasibility study is to be completed by the end of the year.
This month it initiated a feasibility study on the $400 million Eucla development, which would result in minerals being moved from Ceduna for processing at Iluka's West Australian operations near Geraldton, and possibly the Murray Basin and its 51per cent-owned CRL operation near Brisbane.
A go-ahead is expected in mid-2008, which would allow first production in mid-2010.
In announcing the results of the review, Robb won't be making any grandiose statements. That isn't the style of a man known for his methodical approach with a focus on the details. His first priorities are to reconfigure the business, get the planning right and restore market confidence by delivering. "We are going to get to first base and then we are going to raise our sights a bit and look at how we get to second base, and from there we will worry about how we get the home run," he says. "If you roll the clock forward to this time next year, or a bit later, when we are able to see the first production from the northern Murray Basin, and when Eucla is well under way with first production 18 months away, then I think sentiment about the company will be more optimistic than it is today, perhaps."
The key challenge in the minerals sands market is that strong market positions aren't necessarily a guarantee of decent producer pricing power. While production is relatively heavily concentrated in a few players, so are the buyers. US giant Dupont is a dominant buyer in the titanium dioxide feedstock market, while the zircon market is dominated by buyers such as Spain's Endekan Ceramics and Italy's Industrie Bitossi.
The picture is further clouded by producers all having different priorities depending on the properties of their deposits. Mineral sands such as zircon, ilmenite and rutile occur together, with the relative richness of the minerals dictating the strategy of a producer. As a result, one miner's core product is a by-product for another miner, which makes supply discipline difficult.
"It is an industry in which not everyone sees the world in the same way, and structurally that isn't a good thing," Robb says.
Finally, the markets tend to be on the small side. For example, the 300,000 tonnes a year of zircon that Iluka is planning to take out of the Eucla Basin would equate to almost 25 per cent of global consumption. That means Iluka will have to be very careful in how it brings on production.
"Eucla is a tremendous opportunity. Our challenge is to ensure that we do the development sensibly and cost-effectively."
Antwort auf Beitrag Nr.: 30.807.496 von goldmaki am 23.07.07 07:54:51Iluka to review struggling South West Font Size: Decrease Increase Print Page: Print August 23, 2007
MINERAL sands miner Iluka Resources has ruled out the outright closure of its poorly performing South West business, opting to scale down the operation in order to cut costs.
Iluka today announced the outcomes of a major review of the company\'s operations, conducted in order to improve the performance of the business and address \"a number of performance issues\".
The mineral sands miner said today the outright closure of the poorly performing South West business, south of Perth in Western Australia, would be \"value destructive\" and rejected the option.
Iluka has opted instead to cease mining options by 2014, compared with 2026 in a previous plan, and scale down the number of concentrators in use from four to two.
The company flagged the loss of a number of jobs as a result of the operation being streamlined.
\"The review provides the basis for the South West to continue as a viable business within the Iluka portfolio,\" Iluka managing director David Robb said.
\"The intention to truncate the direct mining operations undertaken by Iluka and reduce the number of concentrators currently in use will lead to a progressive reduction in the direct workforce and a lower requirement for external contractors.\"
Iluka, which has mining and processing operations in WA, Victoria, Queensland and the United States, today delivered an increase in first half profit for 2007.
The company delivered a 30.4 per cent increase in profit to $42 million in the six months to June 30, up on the previous corresponding period\'s figure of $32.2 million.
Iluka reiterated its full-year guidance of $55 million to $65 million, which was downgraded from $90 to $100 million last month as a result of an adverse impact from the strong Australian dollar.
The company said the guidance remained valid \"assuming deferred sales volumes are made up in the second half\'\".
Iluka said the currency sensitivity in the second half is approximately $4 million net profit after tax for each one cent movement in the average $A/US.
The average spot exchange rate for the first first half of 2007 was 80.9 cents compared with 74.4 cents for the previous corresponding period.
Sales revenue for the half came in at $422.7 million, compared with $452.4 million in the previous corresponding period.
Iluka said delays in a number of planned shipments from WA and the Murray Basin in Victoria, meant total sales volumes only increased marginally.
The company is forecasting strong free cash flow generation after 2008, improved return on capital and a strengthened balance sheet the potential for debt to reduce to zero by 2013.
Iluka declared a fully franked interim dividend of 10 cents per share.
Iluka shares added eight cents to $5.78 by 1238 AEST.
- AAP
MINERAL sands miner Iluka Resources has ruled out the outright closure of its poorly performing South West business, opting to scale down the operation in order to cut costs.
Iluka today announced the outcomes of a major review of the company\'s operations, conducted in order to improve the performance of the business and address \"a number of performance issues\".
The mineral sands miner said today the outright closure of the poorly performing South West business, south of Perth in Western Australia, would be \"value destructive\" and rejected the option.
Iluka has opted instead to cease mining options by 2014, compared with 2026 in a previous plan, and scale down the number of concentrators in use from four to two.
The company flagged the loss of a number of jobs as a result of the operation being streamlined.
\"The review provides the basis for the South West to continue as a viable business within the Iluka portfolio,\" Iluka managing director David Robb said.
\"The intention to truncate the direct mining operations undertaken by Iluka and reduce the number of concentrators currently in use will lead to a progressive reduction in the direct workforce and a lower requirement for external contractors.\"
Iluka, which has mining and processing operations in WA, Victoria, Queensland and the United States, today delivered an increase in first half profit for 2007.
The company delivered a 30.4 per cent increase in profit to $42 million in the six months to June 30, up on the previous corresponding period\'s figure of $32.2 million.
Iluka reiterated its full-year guidance of $55 million to $65 million, which was downgraded from $90 to $100 million last month as a result of an adverse impact from the strong Australian dollar.
The company said the guidance remained valid \"assuming deferred sales volumes are made up in the second half\'\".
Iluka said the currency sensitivity in the second half is approximately $4 million net profit after tax for each one cent movement in the average $A/US.
The average spot exchange rate for the first first half of 2007 was 80.9 cents compared with 74.4 cents for the previous corresponding period.
Sales revenue for the half came in at $422.7 million, compared with $452.4 million in the previous corresponding period.
Iluka said delays in a number of planned shipments from WA and the Murray Basin in Victoria, meant total sales volumes only increased marginally.
The company is forecasting strong free cash flow generation after 2008, improved return on capital and a strengthened balance sheet the potential for debt to reduce to zero by 2013.
Iluka declared a fully franked interim dividend of 10 cents per share.
Iluka shares added eight cents to $5.78 by 1238 AEST.
- AAP
So der CFO schmeißt hin
http://www.smh.com.au/news/business/bad-news-worsens-iluka-e…
Zeit für eine Zusammenfassung / Bestandsaufnahme.
Pro:
- größter Zirkon-Lieferant der Welt (1/3 der Weltproduktion)
Con:
- Gesenkte Gewinnerwartung
http://www.bloomberg.com/apps/news?pid=20601081&sid=atvaYtyQ…
- Starker Australischer Dollar (23 Jahreshoch)
- gesunkene Zirkon-Produktion
- größere Indonesien-Produktionen senken Zirkon-Preis
- negative Analysten-Kommentare
Aus meiner Sicht ein Grund, die Aktie langsam mal wieder stärker zu beobachten.
Entweder rappeln sie sich selbst oder werden evtl. übernommen.
Was meint Ihr?
http://www.smh.com.au/news/business/bad-news-worsens-iluka-e…
Zeit für eine Zusammenfassung / Bestandsaufnahme.
Pro:
- größter Zirkon-Lieferant der Welt (1/3 der Weltproduktion)
Con:
- Gesenkte Gewinnerwartung
http://www.bloomberg.com/apps/news?pid=20601081&sid=atvaYtyQ…
- Starker Australischer Dollar (23 Jahreshoch)
- gesunkene Zirkon-Produktion
- größere Indonesien-Produktionen senken Zirkon-Preis
- negative Analysten-Kommentare
Aus meiner Sicht ein Grund, die Aktie langsam mal wieder stärker zu beobachten.
Entweder rappeln sie sich selbst oder werden evtl. übernommen.
Was meint Ihr?
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