Iluka Q3 Z/R/SR Output 76kt, Zircon Prices Rise

Iluka (ASX:ILU)'s September quarter review shows lower mineral sands output with its synthetic rutile kilns still idle, alongside higher contracted zircon prices and continued progress on the Eneabba rare earths refinery.

Zircon/rutile/synthetic rutile (Z/R/SR) production in Q3 2026 was 76kt, with the Narngulu mineral separation plant predominantly processing Jacinth-Ambrosia concentrate. Z/R/SR sales were 115kt, including 77kt of zircon and 16kt of synthetic rutile. Mineral sands revenue was $219 million, compared with $286 million in Q2 2026. The weighted average realised zircon sand price was US$1,685/t, while volumes contracted in Q3 averaged US$1,768/t, an increase of US$222/t on contracted Q2 sales. Iluka expects Q4 zircon sand sales of ~35kt at a reported price of US$1,825/t, plus ~30kt of ZIC sales. At Balranald, enhancements to one mining rig were completed in October and will be applied to the second rig in November. Total capital expenditure accrued for the Eneabba refinery was $1,237 million, against a capital estimate that remains $1.7-1.8 billion, with construction 65% complete. Mineral Sands net debt was $249 million, down from $273 million at 30 June.

The release does not say when the synthetic rutile kilns will restart. Balranald ramp-up is still focused on grade recovery consistency, and some Q3 zircon sand sales were pushed into Q4 by shipping delays.