Iluka Resources reported 2023 underlying EBITDA of $609mn & NPAT of $343mn, a strong beat vs consensus.
An update was provided on the mineral sands market, major projects including the rare earth refinery, and 2024 guidance. The zircon market is showing signs of further improvement, with ILU’s contracted zircon sand sales in 1Q24 now up nearly 100% to ~45kt.
Iluka Resources is under Algo Engine buy conditions and the higher low support levels continue to build, as indicated by the highlighted areas. Traders can consider buying ILU and placing a stop loss at $6.79.