Big bad hit for Iluka

MINERAL sands miner Iluka Resources has massively impaired the value and written down the deferred tax for its Sierra Rutile business in Sierra Leone, and increased its rehabilitation liabilities, for an almost A$650 million hit to the balance sheet.

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Sierra Rutile has underperformed expectations.

Sierra Rutile is now worth just US$50 million, after Iluka chopped $290 million off its valuation, admitting the African enterprise had not met the investment case that underpinned the $330 million