Mineral sands operator ILU fell -2.6% on Wednesday testing its early May lows in the process, we exited the stock back in June on valuation grounds after its strong rally from 2022 lows, after correcting -7% our move is looking justified but it’s not yet jumped back on our radar. We ultimately see their move into rare earths as a smart option that will create value over time, however for now, we are happy bystanders.
- We will reconsider ILU if/when it dips under $10 all else being equal.
MM is neutral toward ILU around $10.80
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