Iluka sees massive jump in share prices

Iluka Resources has announced a massive increase in its share price at its latest annual general meeting.

During the meeting, chairman John Pizzey outlined the miner’s improved financial situation, pointing to its increased cash flow and debt reduction over the last five months from $312 million at 31 December to $247 million at the end of April.

The miner’s share price skyrocketed more than 250% in 2010, and continued to grow by 60% from 1 January to 24 May.

Overall since 1 January 2008, Iluka has seen a share price appreciation of 360%, regardless of the global financial crisis.

Despite improving its financial position, the miner saw a decrease in safety standards after it recorded a 23.3% jump in its injury frequency rate from 2009.

However the actual injury severity rate dropped by nearly a fifth; falling by 19.2% year on year.

Iluka Resources audit committee chairman Don Morley has also announced his intention to resign from the mining company.

He announced the decision to retire at Iluka’s latest annual general meeting.

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