RUTILE MINES AND MINING – SIERRA LEONE

BHP royalties to soften cost spike for Iluka

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Original article by Brad Thompson
The Australian Financial Review – Page: 28 : 17-Aug-18

Iluka Resources has posted a 2018 interim net profit of $126m and EBITDA of $279m. The mineral sands producer has advised that the cost of expanding its rutile assets in Sierra Leone could be 40-60 per cent higher than forecast, with the Sembehun deposit accounting for the bulk of the expected cost overrun. Operating costs at the Sierra Rutile assets are also forecast to exceed previous guidance. Iluka also receives royalty payments from BHP Billiton’s Mining Area C iron ore operations.

CORPORATES
ILUKA RESOURCES LIMITED – ASX ILU, SIERRA RUTILE LIMITED, BHP BILLITON LIMITED – ASX BHP

Iluka revealed its own bribery scandal

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Original article by Nick McKenzie, Richard Baker
The Australian Financial Review – Page: 1 & 10 : 16-Aug-17

Mineral sands miner Iluka Resources is the latest Australian company to become caught up in a bribery probe. The allegations centre on Sierra Rutile, which Iluka acquired in 2016, and Iluka informed international authorities as soon as it became aware of the potential scandal. Amongst other things, it has been alleged that former Sierra Rutile CEO John Sisay facilitated the payment of bribes to government officials in Sierra Leone to obtain mining licences that were subsequently transferred to Iluka. Sisay is seeking to become the next president of Sierra Leone.

CORPORATES
ILUKA RESOURCES LIMITED – ASX ILU, SIERRA RUTILE LIMITED, FREEHILLS PTY LTD, GREAT BRITAIN. SERIOUS FRAUD OFFICE, RIO TINTO LIMITED – ASX RIO, CIMIC GROUP LIMITED – ASX CIM, GETAX AUSTRALIA PTY LTD, SUNDANCE RESOURCES LIMITED – ASX SDL, SMEC AUSTRALIA PTY LTD, TENIX PTY LTD, UNIVERSITY OF LONDON, IMATRIX 101 LIMITED