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Iluka flags US$90M increase in rehabilitation costs for shuttered US ops

Mineral sands producer Iluka Resources Ltd. said Dec. 12 that it expects to increase the rehabilitation provision for its shuttered U.S. operations, including Virginia and Florida, by US$90 million, to be recorded in the company's books for 2017.

The company previously said detailed rehabilitation planning for its Virginia operations identified potential additional obligations and the related costs can only be determined after engaging with regulators, which Iluka anticipates to be an extensive process.

In preparation for the actual costs, Iluka increased the provision based on probabilities across a range of scenarios. The budget, however, remains subject to final audit review as part of the company's year-end financial reporting method.