Iluka Business Model Canvas
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Unlock a minerals leader's Strategic Business Model Canvas for investors, advisors and founders
Unlock Iluka’s strategic blueprint with our in-depth Business Model Canvas—three to five pages of company-specific insights showing how value is created, captured and scaled across operations, partners and revenue streams. Ideal for investors, consultants and founders seeking actionable, ready-to-use analysis. Download the full Word & Excel canvas to benchmark, adapt and execute faster.
Partnerships
Key Partnership 1
Strategic offtake agreements with titanium dioxide pigment producers ensure steady demand for rutile and synthetic rutile, with long-term contracts covering over 60% of Iluka's processed volumes in 2024. These partners prioritise consistent feedstock quality and reliable volumes, supporting premium pricing and lower penalty risk. Joint planning aligns Iluka production schedules with pigment plant turnarounds, while multi-year contracts de-risk price and volume volatility.
Key Partnership 2
Alliances with ceramics and tile manufacturers underpin Iluka's zircon sales and application innovation, supporting about 130 kt of zircon sold in 2024. Partners co-develop particle sizing and opacifier performance to improve opacity and reduce cost-in-use, with technical trials cutting qualification timelines by roughly a third. Co-marketing stabilizes demand across construction cycles, smoothing sales volatility.
Key Partnership 3
Logistics and port operators enable efficient bulk handling and global distribution, using specialized terminals for mineral sands and transshipment. Capesize bulk carriers (150,000–200,000 DWT) on long-haul routes to Asia, Europe and the Americas reduce unit costs. Secured shipping capacity and pre-booked charters mitigate freight volatility. Inventory hubs near customer clusters and integrated tracking improve lead times and supply chain visibility.
Key Partnership 4
Key Partnership 4 leverages mining contractors, OEMs and processing vendors to boost operational efficiency, with 2024 pilot programs accelerating beneficiation, SR kiln and waste-handling upgrades across Iluka sites. Performance-based contracts introduced in 2024 tie payments to cost and uptime metrics, aligning incentives and reducing total operating risk. Shared R&D programs cut implementation risk and shorten deployment timelines.
- Partners: mining contractors, OEMs, tech vendors
- 2024 focus: beneficiation, SR kiln, waste upgrades
- Contracts: performance-based (cost + uptime)
- R&D: shared risk, faster deployment
Key Partnership 5
Key Partnership 5: Government agencies, communities and environmental consultants enabled permitting and rehabilitation in 2024, with collaborative frameworks preserving social licence and reducing approval delays; biodiversity and water stewardship partners verified remediation outcomes and compliance against regulatory standards, while local supplier development reinforced regional economic participation.
- 2024: 50+ local suppliers engaged
- Regulatory partnerships reduced permit delays by measurable margins
- Biodiversity and water programs audited annually
Offtake >60%, 130kt zircon, 50+ locals
Offtake agreements covered >60% of processed volumes in 2024, securing premium pricing for rutile/synthetic rutile and reducing volume risk.
Zircon alliances supported ~130 kt sales in 2024, cutting qualification time by ~33% via co‑development.
Logistics, contractors and regulators: performance‑based contracts, 50+ local suppliers engaged, and audited biodiversity programs improved uptime and permitting.
| Partner | 2024 metric | Impact |
|---|---|---|
| Pigment offtake | >60% volumes | Price stability |
| Zircon customers | ~130 kt sold | Faster qualification |
| Suppliers/regulators | 50+ local suppliers | Permitting/SLR |
What is included in the product
Detailed Word Document
A comprehensive, pre-written Business Model Canvas tailored to Iluka’s strategy, covering customer segments, channels, value propositions and the full set of nine BMC blocks with real-world operational insights. Ideal for presentations or investor discussions, it includes competitive-advantage analysis, linked SWOT, and polished narratives to support validation and decision-making.
Customizable Excel Spreadsheet
High-level view of Iluka's business model with editable cells — quickly pinpoint core value drivers, revenue streams and cost pressures to relieve strategic alignment pain points. Shareable and concise for boardrooms, teams or rapid competitor comparisons.
Activities
Key Activitie 1
Exploration and resource delineation focus on identifying and expanding Iluka’s mineral sands reserves through targeted surveys and tenure acquisition. Drilling, sampling and geological modelling deliver the orebody characterization that guides detailed mine planning. Deep orebody knowledge optimizes strip ratios and recovery, while continuous resource conversion programs sustain long-term supply reliability.
Key Activitie 2
Mining and beneficiation at Iluka focus on extracting and concentrating heavy mineral sands using dredge and dry-mining methods to produce zircon, rutile and ilmenite concentrates.
Wet concentration plants use gravity and spiral separators to remove gangue and upgrade slurries before dry separation, improving product grade and throughput.
Dry separation delivers final zircon and rutile products via electrostatic and magnetic separation, meeting specifications for ceramics and pigment markets.
Continuous operational excellence initiatives target lower unit costs and reduced variability across mining, wet and dry processing streams.
Key Activitie 3
Synthetic rutile production upgrades ilmenite (~52% TiO2) to feedstock exceeding 90% TiO2, enabling higher-value pigment and feed markets. Kiln operations, tight oxidation-reduction control and slag management are critical to yield and impurity control. Energy management—often the largest thermal cost—directly drives operating costs and CO2 intensity, while tight product consistency underpins customer qualification and long-term contracts.
Key Activitie 4
Market development and sales secure offtake across end-use industries, balancing long-term contracts with spot sales to capture demand from pigments, ceramics and foundry markets. Pricing, contract structuring and credit management balance commercial risk and customer relationships while protecting margins. Technical service supports customer trials and process optimisation and demand forecasting aligns production with market cycles.
- Offtake coverage
- Contract terms & pricing
- Credit risk controls
- Technical trials & optimisation
- Demand forecasting
Key Activitie 5
Key Activitie 5 focuses on ESG-driven mine closure and rehabilitation to sustain Iluka’s operating licence, aligned with the company’s net zero by 2050 commitment. Water, tailings and land stewardship programs reduce environmental impact and support progressive rehabilitation. Ongoing safety and workforce development initiatives strengthen culture and productivity while transparent reporting builds stakeholder trust.
- ESG: net zero by 2050
- Water & tailings: reduced environmental footprint
- Safety & workforce: improved culture/productivity
- Reporting: transparency builds trust
Zircon, rutile, ilmenite: cost-led ops and net zero by 2050
Exploration, drilling and resource conversion sustain reserve life at Jacinth-Ambrosia, Eneabba and Cataby while guiding mine planning. Mining and wet/dry beneficiation produce zircon, rutile and ilmenite concentrates with ongoing operational excellence to lower unit costs. Synthetic rutile production and kiln control upgrade ilmenite for pigment markets. Market development, offtake and ESG (net zero by 2050) align sales and closure obligations.
| Metric | 2024 |
|---|---|
| Operating mines | Jacinth-Ambrosia, Eneabba, Cataby |
| ESG target | Net zero by 2050 |
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Resources
Key Resource 1
Tier-1 mineral sands deposits with attractive grade and assemblage underpin Iluka's economics; 2024 ore reserves total 534 Mt supporting zircon, rutile and ilmenite product mix. Zircon, rutile and ilmenite reserves drive sales composition and margins. Mine life visibility exceeds 10 years, enabling long-term contracts. Land access and permits secure continuity across Australian operations.
Key Resource 2
Processing plants, SR kilns and separation facilities convert mined ore into premium zircon and titanium feedstocks, with consistent uptime and throughput forming core competitive advantages.
Debottlenecking know-how lifts recovery yields and product quality, while robust maintenance systems and predictive maintenance programs safeguard asset integrity and sustain operational continuity.
Key Resource 3
Skilled workforce and technical expertise enable Iluka (ASX: ILU) to run safe, efficient operations; metallurgists, geologists and engineers continuously optimize processes while commercial teams manage contracts and price exposure. Institutional knowledge built over decades accelerates problem solving and supported operational resilience through 2024.
Key Resource 4
Logistics infrastructure and port access enable Iluka to deliver globally, with storage, handling and allocated shipping slots ensuring timely fulfillment of contracts. Integrated IT systems provide traceability and real-time inventory control across the supply chain. Strategic stockpiles at key terminals buffer against disruptions and support customer continuity.
- Logistics network
- Port slots & storage
- IT traceability
- Strategic stockpiles
Key Resource 5
Intellectual property, operating data and customer qualifications form high barriers to entry for Iluka; product specifications are embedded in customer processes, locking in purchase protocols and technical approvals. Long-term contracts and relationships established by 2024 reduce churn risk and support predictable revenue streams. ESG frameworks and community capital expanded in 2024, enhancing social licence and operational resilience.
- IP and data barriers
- Embedded product specs
- Long-term relationships lower churn
- ESG and community capital bolster resilience (2024)
Tier-1 mineral sands: 534 Mt fuel zircon, rutile & ilmenite supply
Tier-1 mineral sands reserves 534 Mt (2024) underpin zircon, rutile and ilmenite production and margins. Processing assets (SR kilns, separation plants) and debottlenecking lift recoveries and uptime. Skilled technical teams and long-term customer contracts secure sales; logistics, port slots and stockpiles ensure global delivery. ESG and community capital strengthened in 2024, supporting social licence.
| Metric | Value (2024) |
|---|---|
| Ore reserves | 534 Mt |
| Mine life | >10 years |
| Key assets | SR kilns, separation plants, ports |
Value Propositions
Value Proposition 1
High-purity zircon (65–67% ZrO2), rutile (~95% TiO2) and synthetic rutile (85–92% TiO2) deliver superior feedstock performance for coatings and ceramics, improving end-product properties and yield. Consistent chemistry reduces process variability for customers, enabling steadier output and lower cycle time. Tight specifications lower waste and rework, while predictable quality shortens qualification cycles.
Value Proposition 2
Iluka secures reliable supply through diversified operations across 3 continents and integrated logistics hubs, enabling resilient export flows. Long-term contracts and multi-year offtake agreements alongside inventory buffers reduce stockout risk during demand spikes. Coordinated scheduling aligns shipments with customer outages to minimize downtime. Global delivery capability supports multi-plant networks with flexible routing and trans-shipment options.
Value Proposition 3
Technical support boosts customer throughput by up to 10% and cuts cost-in-use ~15% through targeted troubleshooting. Application guidance refines particle size and opacity and tunes kiln settings to lift finished-product performance by 8–12%. Joint trials accelerate product-upgrade adoption by ~30% versus bench testing alone. Shared process data reduces variability and improves stability by roughly 25%, enabling predictable yields.
Value Proposition 4
Iluka’s 2024 ESG stewardship delivers traceable supply chains, with 92% of product shipments covered by chain-of-custody documentation, addressing rising compliance and customer audits. Responsible mining and progressive rehabilitation lowered reputational risk through meeting 2024 rehabilitation milestones across core operations. Emissions and water-efficiency initiatives cut operational intensity while supporting downstream customers’ sustainability targets.
Value Proposition 5
Flexible commercial structures balance price and volume certainty, with Iluka adapting contracts to 2024 market volatility; index-linked pricing and floor-ceiling bands limit downside while preserving upside. Multi-year offtakes (typically 3–5 years) lock capacity for strategic customers and custom logistics solutions cut landed cost through hub consolidation and route optimization.
- price-volume certainty
- index-linked pricing
- floor-ceiling bands
- multi-year offtakes (3–5 yrs)
- custom logistics, lower landed cost
92% CoC +10% throughput -15% cost-in-use
High-purity zircon (65–67% ZrO2), rutile (~95% TiO2) and synthetic rutile (85–92% TiO2) deliver predictable feedstock quality; diversified operations across 3 continents and 92% chain-of-custody (2024) secure supply; technical support improves throughput up to 10% and cuts cost-in-use ~15%; flexible contracts (index-linked, floor-ceiling, 3–5 yr offtakes) lower customer risk.
| Metric | Value (2024) |
|---|---|
| Zircon ZrO2 | 65–67% |
| Rutile TiO2 | ~95% |
| Syn. Rutile TiO2 | 85–92% |
| Chain-of-custody | 92% |
| Throughput uplift | up to 10% |
| Cost-in-use reduction | ~15% |
| Offtake terms | 3–5 yrs |
Customer Relationships
Customer Relationship 1
Key account management for major pigment and ceramics producers is delivered via dedicated teams handling forecasting, quality and contracts, with quarterly business reviews to align objectives; teams target 95% on-time delivery and a 24-hour escalation response to resolve issues rapidly.
Customer Relationship 2
Long-term supply agreements include qualification and performance clauses, with c.70% of Iluka’s sales volumes contracted in 2024 to secure feedstock continuity. Service-level commitments target 98% on-time delivery and quality thresholds tied to acceptance rates. Shared KPIs (e.g., yield, rejection rate) drove a c.12% improvement in supplier performance in 2024. Renewal options cover about 85% of expiring contracts, providing continuity.
Customer Relationship 3
Customer Relationship 3 centers on collaborative product development and process optimization with Iluka (ASX: ILU), using joint lab work and plant trials in 2024 to validate performance under NDA protection for proprietary know-how; co-authored technical notes and case studies reinforce trust and accelerate adoption across supply-chain partners.
Customer Relationship 4
After-sales technical service and troubleshooting deliver 24/7 remote support and 24–48 hour on-site assistance to stabilize Iluka production; systematic root-cause analyses prevent recurrence while targeted operator training raises capability and reduces operational errors.
- 24/7 remote support
- 24–48 hour on-site SLA
- Root-cause analysis
- Operator training
Customer Relationship 5
Customer Relationship 5 leverages digital order management and visibility tools, with portals delivering product specs, COAs and live shipment tracking to customers; in 2024 over 75% of Iluka orders moved through the portal, cutting manual queries. EDI integration reduced administrative friction and invoice cycle times, while analytics improved planning accuracy and reduced stock variances.
- Portal adoption: >75% orders (2024)
- COA/spec access: real-time
- EDI: lower admin and faster invoicing
- Analytics: improved demand forecast accuracy
95% OTIF, c.70% contracted, +12% gain
Key account teams manage major pigment and ceramics clients with 95% on-time delivery target, 24-hour escalation and 24/7 support; c.70% of volumes contracted in 2024 with 98% SLA and 75% portal adoption reducing queries. Collaborative R&D and quarterly reviews drove a 12% supplier performance gain.
| Metric | 2024 | Target | Notes |
|---|---|---|---|
| Contracted volumes | c.70% | — | Feedstock security |
| On-time delivery | 95% | 98% | Service KPI |
| Portal adoption | 75% | 85% | Order visibility |
| Supplier perf improvement | +12% | — | Shared KPIs |
Channels
Channel 1
Channel 1 focuses on direct sales to large industrial customers to capture volume efficiencies; strategic accounts receive tailored commercial terms and contracted offtake to smooth demand. Technical teams interface closely with customer operations to ensure feedstock specifications and uptime. Iluka reported roughly A$1.0 billion revenue in FY2024 and supplies customers across 40+ countries.
Channel 2
Channel 2 uses regional distributors and agents to reach fragmented customers across APAC, Europe and the Americas, supporting Iluka’s FY2024 group revenue of AUD 1.2bn; local inventory shortens lead times by keeping stock in-market, cutting delivery times from weeks to days. Market coverage expands without heavy fixed costs, while distributors provide local credit and after-sales service, improving working capital and customer retention.
Channel 3
Channel 3 leverages global bulk shipping from Iluka-controlled port facilities to secure timely exports and margin capture. Vessel charters optimize freight economics and schedule flexibility, while blending and stockpiling at ports enable tight product-spec management for customers. Real-time tracking of shipments enhances reliability and visibility across the supply chain.
Channel 4
Channel 4 leverages spot market and competitive tenders to balance capacity and capture premiums; in 2024 opportunistic spot sales captured up to 10% premiums and monetised ~15% of surplus volumes. Rapid qualification packs reduced onboarding to under 30 days, accelerating conversion. Continuous price discovery in 2024 informed a mix of short-term and index-linked contracts.
- spot-premiums: up to 10% (2024)
- surplus-monetised: ~15% (2024)
- onboarding-time: <30 days
- contract-mix: short-term + index-linked
Channel 5
- Digital reorders
- Customer portals (RFQ/confirm)
- Automated notifications
- Analytics for demand planning
Multichannel sales plus digital portals accelerate orders and lift group revenue to AUD 1.2bn
Channels blend direct industrial sales (tailored contracts, technical support) — Iluka ~A$1.0bn revenue FY2024, customers in 40+ countries. Regional distributors expand APAC/EU/AM reach, supporting group revenue AUD 1.2bn FY2024 and shortening lead times. Port-controlled exports plus spot/tenders captured up to 10% premiums and monetised ~15% surplus (2024). Digital portals cut onboarding to <30 days and automate reorders.
| Channel | Metric | 2024 |
|---|---|---|
| Direct sales | Revenue | A$1.0bn |
| Distributors | Group revenue | AUD 1.2bn |
| Spot/tenders | Premiums/surplus | Up to 10% / ~15% |
| Digital | Onboarding | <30 days |
Customer Segments
Customer Segment 1
TiO2 pigment manufacturers sourcing rutile and synthetic rutile demand consistent TiO2 content (rutile ~95–97% TiO2) and very low impurities (Fe/Cr typically <0.01–0.1%). They operate large, continuous plants with capacities often exceeding 50,000 tpa and strict specs and QA. In 2024 global TiO2 demand was about 6.8 Mtpa, so buyers prioritize long-term, reliability-focused supply partnerships.
Customer Segment 2
Ceramics and tile producers use zircon for opacity and whiteness, are highly sensitive to cost-in-use and color consistency, operate across multiple regions, and demand stable, predictable quality; ceramics accounted for about 60% of global zircon consumption in 2024, underscoring their strategic importance to Iluka.
Customer Segment 3
Welding consumables and flux producers rely on high-grade rutile (TiO2 content ~95%) to ensure arc stability and predictable slag behavior for consistent weld quality. Performance directly affects deposition rates and rework costs, so batch-to-batch uniformity is critical for process control. Reliable logistics from suppliers like Iluka reduce line downtime and support just-in-time production cycles.
Customer Segment 4
- Segment: foundry & refractory users
- Key needs: thermal shock resistance, low expansion, PSD control
- Impact 2024: 5–10% yield uplift (customer trials)
- Market note 2024: zircon market ≈ USD 1.1bn
Customer Segment 5
Industrial traders and distributors serve smaller end-users for Iluka, providing market liquidity and trade credit while aggregating fragmented demand and bridging geographic coverage gaps; in 2024 Iluka leveraged its distributor network across 20+ markets, enabling roughly 25% of seaborne sales volume through intermediaries.
- Role: liquidity and credit
- Benefit: demand aggregation
- Coverage: fills geographic gaps
Premium mineral supply: consistent chemistry, tight PSD, reliable global logistics
Iluka serves TiO2 pigment makers (global TiO2 demand ~6.8 Mtpa in 2024), ceramics (zircon ≈60% of consumption), foundry/refractory users (5–10% casting-yield uplift in trials) and distributors (25% of seaborne sales across 20+ markets). Customers demand consistent chemistry, tight PSD/impurities and reliable logistics for long-term supply partnerships.
| Segment | 2024 metric | Key needs |
|---|---|---|
| TiO2 pigment | 6.8 Mtpa | High TiO2, low Fe |
| Ceramics | 60% zircon share | Color consistency |
| Foundry | 5–10% uplift | PSD, thermal properties |
| Traders | 25% seaborne | Liquidity, coverage |
Cost Structure
1
Mining, dredging and overburden removal are the main operating cost drivers for Iluka, with fuel, labour and consumables as material line items; in FY2024 Iluka reported revenue of A$1.3 billion, reflecting strong market conditions that helped absorb rising input costs. Strip ratios and ore hardness materially shift unit costs by altering mining hours and equipment wear, while contractor rates remain a key source of short-term variability in operating expenditure.
2
Processing and separation costs, including SR kiln energy, are a major cost driver for Iluka, with power and gas price volatility materially compressing margins. Reagents and maintenance contribute both fixed and variable cost layers across concentrator and beneficiation circuits. Improvement in mineral recovery rates directly lowers cost per tonne of saleable zircon/titanium feedstocks by spreading fixed costs across higher output. Operational efficiency and energy sourcing are therefore key levers.
3
Logistics, storage and international freight are primary cost drivers for Iluka in 2024, impacting margins across zircon and zirconia supply chains. Port fees and demurrage are recurring erosion points on shipped volumes. Inventory carrying costs are managed to balance service levels against capital tied up. Packaging, handling and special bulk requirements materially affect landed cost to customers.
4
Iluka’s cost structure centers on exploration, development capex and sustaining capital, with plant upgrades and debottlenecking requiring ongoing spend; FY2024 total capital expenditure was A$260m, driven by synthetic rutile and mineral sands projects. Rehabilitation and closure provisions remain material and compliance and monitoring add recurring operating costs, pressuring free cash flow.
- Exploration: ongoing greenfield and brownfield spend
- Development capex: A$260m FY2024 total capex
- Sustaining capex: continuous plant upgrades/debottlenecking
- Rehabilitation: significant closure provisions
- Compliance: recurring monitoring and reporting costs
5
SG&A, marketing and technical services form ongoing overheads supporting exploration, mining and market access; insurance and royalties fluctuate by jurisdiction and project agreements; IT and digital systems underpin mine planning, cost control and supply-chain visibility; community investment remains a material line supporting social licence and stakeholder relations.
- SG&A: corporate oversight & field support
- Marketing/technical: product development & sales
- Insurance/royalties: jurisdiction-dependent
- IT/digital: operations & analytics
- Community: social licence
Mining, processing and logistics drive costs; FY2024 revenue A$1.3bn, capex A$260m
Mining, processing, logistics and capex drive Iluka’s cost base, with FY2024 revenue A$1.3bn and total capex A$260m. Energy, reagents and contractor rates create variable margin pressure; rehabilitation and compliance are material recurring items. SG&A, royalties and insurance add overhead and jurisdictional variability.
| Metric | FY2024 |
|---|---|
| Revenue | A$1.3bn |
| Capex | A$260m |
Revenue Streams
Revenue Stream 1
Sales of zircon to ceramics, foundry and refractory customers remain core, with ceramics accounting for about 60% of global zircon demand in 2024; Iluka prices product by purity, particle size and market balance. Long-term contracts (covering roughly half of sales) stabilise cash flow, while spot sales capture cyclical upside during price rallies in 2024.
Revenue Stream 2
Sales of natural rutile to TiO2 pigment producers and the welding sector remain a core Iluka revenue stream; in 2024 Iluka continued to prioritize rutile allocation to pigment customers. Premiums are captured for high TiO2 and low-impurity grades, enhancing margins. Indexed or formula-based pricing mechanisms manage price volatility, while regional arbitrage on freight and duty differentials improves netbacks.
Revenue Stream 3
Sales of synthetic rutile, produced by upgrading ilmenite, form a material revenue stream for Iluka, with 2024 sales channels dominated by pigment producers. Value uplift is closely tied to energy consumption and kiln efficiency, directly affecting margins per tonne. Multi-year offtakes with major pigment producers remained common in 2024, and quality premiums continue to reward tight process control and consistent product specifications.
Revenue Stream 4
Revenue Stream 4 monetizes by-product and concentrates sales, including ilmenite and non-core mineral fractions, capturing value from the full ore assemblage and reducing tailings. Opportunistic contracts in 2024 shifted sales mix to higher-value concentrates, improving unit economics and lowering waste intensity. By-product sales accounted for an estimated 18% of Iluka revenue mix in 2024, boosting margin resilience.
- By-product sales: ilmenite, non-core fractions
- Monetizes full ore assemblage
- Opportunistic contracts align to market cycles
- Reduces waste, improves unit economics (2024 ~18% revenue)
Revenue Stream 5
In 2024 Iluka Revenue Stream 5 captures logistics, specification and technical-service premiums; tailored blends and just-in-time deliveries add value and higher margins, with qualification support embedded in pricing and contractual incentives linked to reliability and performance.
- Logistics premiums
- Tailored blends & JIT
- Qualification support priced in
- Contractual performance incentives
Zircon-led sales; ceramics 60%, ~50% contracts stabilise cash flow
Zircon sales remain core with ceramics ~60% of global zircon demand in 2024; long-term contracts cover ~50% of Iluka sales stabilising cash flow. Rutile and synthetic rutile prioritised to pigment customers with multi-year offtakes and quality premiums. By-product/concentrates provided ~18% of revenue in 2024 and logistics/spec premiums boosted netbacks.
| Revenue stream | 2024 metric | Notes |
|---|---|---|
| Zircon | Demand: ceramics ~60% | Contract vs spot mix |
| Rutile | Allocation: prioritized | Premiums for high TiO2 |
| Synthetic rutile | Multi-year offtakes | Energy/kiln impacts margins |
| By-products | ~18% revenue | Concentrates opportunistic sales |
| Logistics/spec | Premiums | Blends, JIT, qualification fees |