2024-02-21 15:30:19 ET
Iluka Resources Limited (ILKAF)
Q4 2023 Earnings Conference Call
February 20, 2024 5:00 PM ET
Company Participants
Tom O'Leary - Managing Director and Chief Executive Officer
Adele Stratton - Chief Financial Officer and Head of Development
Matthew Blackwell - Head of Major Projects and Marketing
Luke Woodgate - General Manager, Investor Relations and Corporate Affairs
Conference Call Participants
Rahul Anand - Morgan Stanley
Paul Young - Goldman Sachs
Alistair Harvey - JPMorgan
Richard Hatch - Berenberg
Dim Ariyasinghe - UBS
Glyn Lawcock - Barrenjoey
Anthony Barich - S&P Global
Chen Jiang - Bank of America
Presentation
Operator
Thank you for standing by, and welcome to Iluka Resources 2023 Results Teleconference. [Operator Instructions] Please be advised that today's call is being recorded.
I would now like turn the conference to your host, Mr. Tom O'Leary, Managing Director. Please go ahead.
Tom O'Leary
Hello, and welcome. With me this morning are Adele Stratton, Matt Blackwell and Luke Woodgate. I'll begin by acknowledging Iluka's safety performance, which, in 2023, saw a material reduction in total recordable injury frequency rate and a continuing decline in serious potential incidents. I'd like to acknowledge our people for their diligence in delivering these reductions and to their ongoing focus around safety leadership in the field. To the result, more broadly, the approach we've taken over the past year reflects the macro challenges Iluka, like many, has encountered, but it also reflects the deliberate steps we've taken over a more extended period to enable the company to adapt to the economic and industry conditions we're confronted with.
As demand slowed over the course of 2023, Iluka acted with discipline, prioritizing the value of our products and calibrating production settings and inventory levels accordingly. Prices remain relatively strong and stable, mitigating, to some extent, the influence of higher costs on our margins. In addition, the company benefited from the take-or-pay contracts we have in place to underpin production from our principal synthetic rutile assets since half 2. These contracts were renewed at the start of 2023 for a period of 4 years, providing important revenue certainty. Throughout a lengthy phase of destocking on the part of Western pigment manufacturers, Iluka's titanium feedstock customers have also demonstrated discipline....
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Iluka Resources Limited (ILKAF) Q4 2023 Earnings Call Transcript