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Iluka Resources has reported a revenue of $712 million in its 2023 half year report, a $243 million decrease from its 2022 half year revenue.

The mineral sands company reported a decrease in net cash to $343 million, with free cash out flow of $55 million after capital expenditure of $108 million ̶ free cash flow, which was said to have been impacted by the 2022 final tax payment of $127 million in June 2023.

Other financial results included a net profit after tax of $204 million, a decrease from $369 million NPAT recorded this time last year, and $343 million worth of net cash, which was almost half of the $600 million recorded this time last year.

Despite the earnings slump, Iluka made great progress against its sustainability goals.

The company recorded zero fatalities, with a 5.1 serious potential incident frequency rate (SPIFR), an increase from the 4.9 recorded in the 2022 financial year (FY22). Iluka credits this to prioritising effective critical control management of key fatality risks.

With this, its total recordable injury frequency rate (TRIFR) was 3.9, down from 6.9 in FY22. It said this is related to improvements made in musculoskeletal, hand and finger injuries.

Diversity was improved across the company, with 50 per cent of women making up the Iluka board, 24 per cent women being employed in its Australian workforce, and four per cent of Aboriginal and Torres Strait Islander people being employed in its Australian workforce, including 19 per cent at Jacinth-Ambrosia – the largest zircon mine in the world.

Iluka also rehabilitated 158 hectares of land across its Australian and US-based sites.

“In keeping with the company’s track record over many years, Iluka will continue to focus on optimising the value of what we produce, coupled with market discipline and a deliberate approach to reinforcing the positive supply-side fundamentals for high quality zircon and high grade titanium feedstocks,” Iluka managing director Tom O’Leary said.