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BUZZ-Australia's Iluka Resources extend losses; Citi trims PT

Reuters
Jan 23
BUZZ-Australia's Iluka Resources extend losses; Citi trims PT

** Shares of Iluka Resources ILU.AX fall 2.6% to A$4.82

** Stock fell as much as 4.2% to A$4.74 in early trade, its lowest level since Dec 20

** Rare earths miner posted below-par quarterly production on Wednesday

** Citi cuts earnings by 38% and 24% for full-years 2025 and 2026, respectively, as lower sales and higher costs bite

** Brokerage trims price target to A$5.7 from A$6.1, downgrades rating to "neutral/high risk"

** We downgrade our rating due to deteriorating Mineral Sands business and valuation uncertainty around Rare Earths refinery — Citi

** Iluka down 5.4% YTD, including current session's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com))

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