Iluka Resources (ASX:ILU) reported an update to its mineral resource estimate for the WIM100 deposit in Victoria to 540 million tonnes from 440 million tonnes, after further exploration and deposit modeling, according to a Thursday filing with the Australian bourse.
The updated estimate indicates a 23% increase in material tonnes, and a 19% increase in heavy mineral tonnes, driven by expanding the resource perimeter to the west, the filing said.
Shares fell nearly 11% in morning trade Thursday.
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