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Iluka Resources Announces Reduction of 2020 Synthetic Rutile Off-Take Volumes

26 Jun 2020  |  10:22:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Reduction of 2020 Synthetic Rutile Off-Take Volumes

Iluka Resources advised that it expects that not all of the 175,000t of synthetic rutile subject to take or pay arrangements in 2020 will be taken as contemplated under the relevant contracts. Year to date, 78,000t of synthetic rutile have been sold under these contracts. The Company has issued a Notice of Default to one of its customers in relation to its failure to take, or pay for, 20,000t of synthetic rutile scheduled for shipment in May 2020. In addition, the Company has been notified by another of its customers that a circumstance has occurred that may potentially entitle it to take less than the contracted amount of synthetic rutile for a period of at least three months.

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