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Deliver Sustainable Value Annual Report 2020 DELIVER ABN 34 008 675 018 SUSTAINABLE VALUE ABOUT ILUKA RESOURCES lluka Resources Limited (Iluka) is an international mineral With over 3,000 direct employees, the company has sands company with expertise in exploration, project operations and projects in Australia and Sierra Leone; development, mining, processing, marketing and and a globally integrated marketing network. rehabilitation. Iluka conducts international exploration activities and The company’s objective is to deliver sustainable value. is actively engaged in the rehabilitation of previous operations in the United States, Australia and Sierra With over 60 years’ industry experience, Iluka is a Leone. leading global producer of zircon and the high grade titanium dioxide feedstocks rutile and synthetic rutile. In Listed on the Australian Securities Exchange (ASX) addition, the company has an emerging position in rare and headquartered in Perth. Iluka holds a 20% stake in earth elements (rare earths). Iluka’s products are used Deterra Royalties Limited (Deterra), the largest ASX-listed in an increasing array of applications including home, resources focussed royalty company. workplace, medical, lifestyle and industrial uses. PRODUCTS TITANIUM DIOXIDE ZIRCON TiO2 Zr Iluka is the largest producer of natural Iluka is a leading global producer of rutile and a major producer of synthetic zircon. Zircon is opaque; and heat, water, rutile, which is an upgraded, value added chemical and abrasion resistant. Primary form of ilmenite. Collectively, these uses include ceramics; refractory and products are referred to as high-grade foundry applications; and zirconium titanium dioxide feedstocks, owing to chemicals. their high titanium content. Primary uses include pigment (paints), titanium metal and welding. RARE EARTHS OTHER PRODUCTS Iluka has an emerging position in rare Iluka recovers and markets activated earths, which are contained in the mineral carbon and iron concentrate, which are sands monazite and xenotime. Certain produced as a part of the synthetic rutile rare earths are considered a critical input process. across a number of rapidly evolving markets, including permanent magnets used in electric cars, wind turbines and electronics. FORWARD LOOKING STATEMENT This document contains certain statements which This document contains non-IFRS financial measures constitute “forward-looking statements”. While these including cash production costs, non-production costs, forward-looking statements reflect Iluka’s expectations mineral sands EBITDA, Underlying Group EBITDA, EBIT, at the date of this report, they are not guarantees or free cash flow, and net debt amongst others. These predictions of future performance or statements of non-IFRS measures are not subject to audit or review, fact and readers are cautioned against relying on them. however, a reconciliation of the measures to Iluka’s Further information regarding forward-looking statements statutory accounts is provided on page 33. in this Annual Report is provided on page 167. 1 Iluka Resources Limited, Annual Report 2020 1 MINERAL SANDS PROCESS 2 1. GEOLOGICAL SETTING Mineral sands are heavy minerals found in sediments on, or near to, the surface of ancient beach, dune or river systems. Mineral sands include minerals such as rutile, ilmenite, zircon and the rare earth bearing minerals monazite and xenotime. 2. MINING APPROACH Mineral sands mining involves both dry mining and wet (dredge or hydraulic) operations. All of Iluka’s current mining operations use a dry mining approach. Mining units and wet concentrator plants 3 separate ore from waste material and concentrate the heavy mineral sands. 3. MINERAL SEPARATION The heavy mineral concentrate is transported from the mine to a mineral separation plant for final product processing. The plant separates the heavy minerals zircon, rutile, ilmenite, monazite and xenotime from one another in multiple stages by magnetic, electrostatic and gravity separation. 4 4. SYNTHETIC RUTILE Iluka also produces synthetic rutile from ilmenite that is upgraded by high temperature chemical processes. 5. MARKETING Iluka transports the final products of zircon, rutile, synthetic rutile, monazite and ilmenite to customers around the world. 6. REHABILITATION 5 As mining progresses, mining pits are backfilled and covered with stockpiled soils that were removed at the start of the mining process. Rehabilitation is undertaken progressively to return land to a form similar to its pre-mining state and suitable for various uses including agricultural, pastoral and native vegetation. 6 1 Iluka Resources Limited, Annual Report 2020 MINERAL SANDS & RARE EARTHS PART OF EVERYDAY LIFE FABRICATION AEROSPACE Ship building | Welding Aircraft engines and frames | Spacecrafts Titanium minerals are used to make welding Rare earths in alloying agents create high- electrodes for important end uses such as strength metals in aircraft engines. Zircon has ship building and construction, as these a strong thermal stability and titanium metal electrodes produce high quality welds in an has the highest strength to weight ratio of all outdoor, windy environment. metals. AUTOMOTIVE HEALTHCARE TECHNOLOGY Engines | Paint | Electronics Medical equipment Electronics I Batteries Titanium, zircon and rare earths are The anti-corrosive nature and Rare earths are used in a range of modern required for vehicles in the brake linings/ biocompatibility of titanium makes it ideal technologies including smartphones, televisions, pads, parking sensors, oxygen sensors, for prosthetics, orthopaedic implants and lasers, rechargeable batteries and computer hard engine management systems, paint, medical instruments. Zirconia materials drives. Zirconia materials are applied in various catalytic converters, electrics and rubber are highly desired for medical implants, electronics, such as piezoelectric components products. Rare earths are used in catalytic and zirconium chemicals provide filtering which make smart phones “smart” through sensors, converters and electric vehicles, enabling function to home dialysis systems. ultra-tough structural casings for mobile phones and lighter and more efficient motors. watches, and new-generation of higher-capacity and safer solid-state batteries. 2 Iluka Resources Limited, Annual Report 2020 ILUKA’S PRODUCTS ARE CRITICAL INPUTS TO THE MODERN ECONOMY. FROM PAINT AND TILES TO MEDICAL, LIFESTYLE, INDUSTRIAL AND RENEWABLE ENERGY TECHNOLOGIES, THE UNIQUE PROPERTIES OF TITANIUM DIOXIDE, ZIRCON AND RARE EARTHS ARE ESSENTIAL TO A WIDE VARIETY OF APPLICATIONS, PART OF EVERYDAY LIFE. SUSTAINABLE DEVELOPMENT PHOTOCATALYTICS INDUSTRIAL TECHNOLOGIES Wind turbines | Electric vehicles | Solar Desalination | Steel and glass production | Water and air purification Casting of parts and engines Rare earths, particularly the high value elements neodymium and praseodymium, are essential for The photocatalytic properties of TiO2 are used in Refractory linings and foundry castings creating extremely strong permanent magnets self-cleaning windows, air and water purification utilise zircon in their manufacturing to used in motors for electric vehicles and wind systems, light emitting diodes and solar provide chemical, thermal shock and turbines. Emerging solar cell technologies typically cells. Zirconium chemicals are used in water corrosion resistance. use titanium dioxide as the semiconductor doped purification systems to remove pollutants, such with zirconium to increase its efficiency. as heavy metals. CERAMICS HOME APPLICATIONS PIGMENTS & CONSTRUCTION Tiles | Sanitary ware Cosmetics | Pharmaceuticals | Paint | Plastic | Ceramics Home appliances Zircon is hard wearing and Titanium dioxide provides UV and chemical water, heat, chemical and wear Iluka products are used in light bulbs, dishes, resistance, preventing fading, peeling and resistant making it ideal for use in glasses, clock parts, food colouring, ceramic cracking when used in paint coatings, inks and ceramics and sanitary ware. knives, pans, toothpaste, antiperspirants and plastics. Zircon provides corrosion resistance sunscreens, glass and faucets for taps. to glassfibres applied to high-performance concrete for building construction, including 3D-printed concrete structures. 3 Iluka Resources Limited, Annual Report 2020 WHERE WE OPERATE OPERATIONS, RESOURCE DEVELOPMENT AND REHABILITATION ACTIVITIES UNITED STATES SIERRA LEONE WESTERN AUSTRALIA Rehabilitation Sierra Rutile mining, concentrating Narngulu processing and processing operations Cataby mining and concentrating Sembehun project Eneabba monazite processing Rehabilitation Capel synthetic rutile processing Corporate support centre Rehabilitation 4 Iluka Resources Limited, Annual Report 2020 SOUTH AUSTRALIA VICTORIA NEW SOUTH WALES Jacinth-Ambrosia mining Wimmera project Balranald project and concentrating Rehabilitation Atacama project Hamilton processing (idle) Rehabilitation 5 Iluka Resources Limited, Annual Report 2020 BUSINESS REVIEW 2020 year in review 7 Chairman's and Managing Director's review 10 Board and Executive 12 Financial summary 14 Strategy and business model 18 Financial and operational review 22 Sustainability 42 Business risks and mitigations 46 FINANCIAL REPORT Results for announcement to the market 52 Directors’ report 53 Remuneration report 63 Auditor’s independence declaration 87 Financial statements 88 Directors’ declaration 145 Independent auditor’s report 146 PHYSICAL, FINANCIAL AND CORPORATE INFORMATION Five year physical and financial summary 154 Operating
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