Iluka Resources (ASX:ILU) has seen a 53 % growth in revenues in the second quarter of 2010. The sales revenues before hedging have reached $229 million.
A year ago sales revenue were at $124 million. This boost for the Perth based company is seen to be linked to the recovering demand for mineral sands.
Iluka's core business is the production and processing of mineral sands (producing ilmenite, rutile, synthetic rutile and leucoxene) and zircon with its business based in Australia and the United States. The production at its Jacinth-Ambrosia and Murray Basin projects in South Australia and Victoria have been pushed up to full capacity.
Demand had dropped due to the global financial crisis but has subsequently rebounded with improvements in the world's economies. Production of zircons has shot up 55 % to 104,700 metric tons. The company has also raised prices of zircon mainly used in ceramics.
Iluka is the largest producer of zircon in the world, with an approximate market share of one third and is the second largest producer of titanium dioxide minerals.
Shares closed today at $5.41 up 1.12% for the day after a low of $5:23 on Monday morning market open.