Iluka Resources revenue doubles

Mineral sands miner Iluka Resources has seen its revenue jump by more than  51% in the first quarter of 2011.

It saw the revenue reach $226.3 million, an increase from the $149.4 million it recorded in the previous corresponding period, according to The Australian.

This was due to the creeping forward of average zircon prices to just above $1300 per tonne, which was a jump of 20% from a year earlier, with an additional increase of 20% commodity price increase expected for the next quarter.

Iluka recorded production of 135 000 tonnes of zircon in the first quarter of 2011, nearly a 10% increase on the year.

The miner stated that it expects to generate around 500 000 tonnes over 2011.

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