The Iluka Resources Ltd (ASX: ILU) share price is charging higher in morning trade, up almost 6%.
Shares of the mineral sands explorer and producer closed yesterday at $8.62 and are currently trading for $8.945 each, or 3.77% higher. That's after the share price hit a high of $9.12 in early morning trade, a jump of 5.8%
This comes as ASX investors digest the miner's latest figures from its quarterly update for the three months ending 30 June.
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What was reported for the June quarter?
The Iluka share price is surging after the company reported a 5% year-on-year increase in its zircon, rutile, and synthetic rutile production. Total production for the quarter reached 189,000 tonnes.
The first half sales of zircon, rutile, and synthetic rutile reached 421,000 tonnes. This exceeded production levels and decreased Iluka's inventory of the minerals by 53,000 tonnes.
The Iluka share price also could be getting a lift after the miner revealed it had achieved a weighted average zircon price of US$1,910 per tonne, up 25% from the second half of 2021.
The company also said the "weighted average prices for zircon sand increased by approximately US$140 per tonne, effective 1 July, and all of Iluka's Q3 2022 zircon sales are fully contracted".
The miner reported mineral sands revenue of $540.9 million, up from $391.1 million in Q2 2021. And total revenue for zircon, rutile, and synthetic rutile sales during the quarter came in at $2.1 billion, compared to $1.5 billion in the corresponding quarter.
Along with increasing revenues, costs were also up. Iluka spent $2.4 million on exploration and evaluation activities during the quarter, compared with $2.1 million in Q2 2021.
The company increased its full-year guidance on cash costs of production by $55 million to $715 million. It attributed 65% of the increase to higher fuel costs.
As at 30 June, Iluka had $600 million in net cash.
Keep an eye out for the miner's 2022 half-year results on 24 August 2022.
Iluka share price snapshot
The Iluka share price is up 5% over the past 12 months. By comparison, the S&P/ASX 200 Index (ASX: XJO) is down 7% over the full year.
