Iluka downgrades sales forecasts
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Mineral sands miner Iluka has downgraded its 2012 sales forecasts because of deteriorating economic conditions.
The company on Monday said there had been a marked deterioration in major regional economies, and the economic outlook had become more pessimistic.
This had impacted on the confidence levels of mineral sands customers and, therefore, lowered the company's performance expectations, Iluka said.
"Clearly, the performance of major regional economies has deteriorated recently and outlooks are more pessimistic, as evidenced by changed commentary by central bankers in the past couple of months," managing director David Robb said in a statement.
"Iluka's revised sales volume forecasts reflect this deterioration."
Iluka said it expected to sell between 510,000 and 720,000 tonnes of zircon, rutile and synthetic rutile in calendar 2012, which would be down from the 1.04 million tonnes in 2011.
Mineral sands are used in a many different products, including paints, electronics, nuclear reactors and deodorants.