Iluka said the succession plan for Robb was targeting a transition of the leadership role during the second half of 2016, with Robb to remain in the top job until then.

Iluka chairman Greg Martin said Robb and the board had agreed that after 10 years of leadership, now was the right time for a transition.

“Iluka has been transformed under David’s 10-year leadership and is very well-placed financially at present with no debt, significant funding capacity and positive cashflows supporting investment and shareholder returns,” Martin said.

“David’s tenure has also seen major achievements in project execution, mineral sands marketing, workforce diversity and engagement and in corporate sustainability practices.”

Iluka said $A1.3 billion of free cashflow had been generated during Robb’s tenure, with average net profit after tax of $110 million, despite the global financial crisis and current commodities downturn.

Despite a brief suspension of dividends from 2007-09, the company has returned $715 million to shareholders over the decade, and its market capitalisation has almost doubled to $3 billion.

While Iluka has not shied away from cutting production when required – like at Jacinth-Ambrosia last month – it is currently advancing six mineral sands growth options in Australia, the US and Sri Lanka.

“The company is now entering another decision-making phase associated with a number of major investments, some of which will be delivered in 2017 and beyond,” Martin said.

Iluka will consider both internal and external candidates for the job.

Shares in Iluka dropped 1.5% to $7.27.