What business plan?
Major mineral sands producer, Iluka Resources, announced this week its 2012-2014 Key Physical and Financial Parameters Guidance” released in February 2012 was “now redundant and as such no longer applicable”.
Discussions with both zircon and high grade titanium ore customers about ordering volumes for the December 2012 half-year have indicated “lower ordering patterns or an unwillingness to commit to volumes except on an “as needed” basis”.
Deteriorating economic conditions, subdued customer confidence in China, continuing weakness in the main ceramic export markets for Spain and Italy and some softening in the US manufacturing sector were all to blame.
We assume these same factors would be affecting most materials exporters. Remain cautious.
Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.
This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.
John Cohen
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Hi Roger – where has the comments thread gone? I can only read the original posts now.