Iluka Shares Slump on Planned Halt in Mineral Sands Output

Iluka Resources Ltd. shares fell the most since March 2020 after the miner said it would suspend mineral sands production and kiln operations at a project in Western Australia because of poor demand.

The Perth-based company’s shares dropped as much as 15% in early trading in Sydney, and were down 11% to A$5.76 a share at 10:53 a.m. local time. Iluka plans to put its Cataby mine on hold for a year, while its Synthetic Rutile Kiln will be suspended for about six months, from Dec. 1. Both can be restarted earlier should conditions improve, it said.