Although it has faded a touch in afternoon trade, the Iluka Resources Limited (ASX: ILU) share price stormed to a new multi-year high of $9.58 this morning.
This latest gain brought its year-to-date return to an impressive 32%, vastly outperforming the market average.
Why are its shares going gangbusters this year?
Investors have been fighting to get hold of Iluka’s shares this year thanks largely to a much-improved performance by the mineral sands company.
This was particularly evident yesterday when the company released its latest production data.
In the June quarter Iluka saw production reach 119,000 tonnes, a 36% increase compared to the prior corresponding period.
This led to a 48.8% lift in quarterly mineral sands revenue.
The strong result was thanks largely to both the zircon and titanium feedstock markets experiencing favourable conditions in 2017 compared to the first half of 2016.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.