Much to the relief of its shareholders, the Iluka Resources Limited (ASX: ILU) share price is finally heading in the right direction.
After a month of steady declines, the shares of the mineral sands company are up almost 2% to $8.16 today.
Why is it higher?
As well as getting a boost from the market rebound today, Iluka's shares were given a lift from the release of its Australian operations update.
According to today's release, Iluka has announced plans to restart production at its Jacinth-Ambrosia site thanks to improved supply and demand fundamentals.
Mining and concentrating activities were suspended in April 2016 to allow heavy mineral concentrate inventory to be drawn down during a time of subdued market demand.
In light of this restart, Iluka expects total group zircon production to be approximately 300kt in 2018.
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