ILUKA RESOURCES LIMITED — Board/Management Information 2005

Nov 7, 2005

Notice to the Australian Stock Exchange

8 November 2005

EXTENSION OF MANAGING DIRECTOR'S CONTRACT OF EMPLOYMENT

Mr Mike Folwell was employed as Managing Director & CEO in May 2002 under a fixed five vear employment agreement. The agreement provided that prior to the end of the five year term (May 2007) the Company and Mr Folwell could agree to extend the term of the agreement.

The Board of Iluka Resources Limited is pleased to announce that it has reached agreement with Mr Folwell that his employment will now continue on an indefinite basis, with no fixed term. Other than in respect to the extension of the contract, there have been no material changes to the key terms of Mr Folwell's employment agreement.

Details of Mr Folwell's remuneration and other key employment terms are set out in the Company's Annual Report.

Cameron Wilson Company Secretary