ILUKA RESOURCES LIMITED — Major Shareholding Notification 2004

Dec 23, 2004

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Huka Resources Ltd.
ACN/ARBN	A C N 008 675 018
1. Details of substantial holder (1)
Name	Franklin Resources, Inc. and its affiliates
ACN (if applicable)	N/A
There was a change in the interests of the
substantial holder on	12/22/04
The previous notice was given to the company on	10/21/04
The previous notice was dated	10/21/04

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting Power (5)	Person's votes	Voting Power (5)
Ordinary Shares	19.776.548	8.49%	17.324,740	7.44%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an association in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change(7)	Class and number of securities affected	Person's votes affected
See Annexure B. item 1	See Annexure B, item 2	See Annexure B, item 3	See Annexure B. item 4	See Annexure B. item 5	See Annexure B. item 6

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voling securities after the change are as follows:

Holder of	Registered	Person entitled	Nature of	Class and	Person's votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
See Annexure B. item 7	See Annexure B, item 9	See Annexure B. item 12	See Annexure B, item 3	See Annexure B. item 8, 10 & 13	See Annexure B. item 8

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting
interests in the company or scheme are as fo

Name and ACN (if applicable)	Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
See Annexure A	See Annexure A

Signature

	print name Robert Rosselot		Capacity: Assistant Secretary, Franklin Resources. Inc.
sign here		date.	-12/23/04

Names and addresses of all associates for whom composite notice is given: $\mathbf{1}$

Name Name	Address Manual Communities
Franklin Resources, Inc.	One Franklin Parkway
	San Mateo, CA 94403
FS Capital Group	1800 Gateway Drive
	San Mateo, CA 94404
Franklin Agency Inc.	One Franklin Parkway
	San Mateo, CA 94403
Franklin Capital Corporation	47 West 200 South, Suite 500
	Salt Lake City, UT 84104-1621
Franklin Advisers Inc.	One Franklin Parkway
	San Mateo, CA 94403
Franklin Templeton Bank & Trust, F.S.B.	2302 President's Drive, Suite F
	Salt Lake City, Utah, UT 84120
Franklin Investment Advisory Services Inc.	One Franklin Parkway
	San Mateo, CA 94403
Franklin Private Client Group, Inc.	One Franklin Parkway
	San Mateo, CA 94403
Templeton Worldwide Inc.	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Franklin Templeton Companies, LLC	One Franklin Parkway
	San Mateo, CA 94403
Franklin Templeton Services, LLC	One Franklin Parkway
	San Mateo, CA 94403
Franklin Templeton Investor Services, LLC	10600 White Rock Road
	Rancho Cordova, CA 95670-6032
Franklin Templeton Travel, Inc.	One Franklin Parkway
	San Mateo, CA 94403
Franklin Templeton Distributors, Inc.	One Franklin Parkway
	San Mateo, CA 94403
FS Properties, Inc.	1800 Gateway Drive
	San Mateo, CA 94404
Templeton Funds Annuity Company	700 Central Avenue
	St. Petersburg, FL 33733
FCC Receivables Corporation	One Franklin Parkway
	San Mateo, CA 94403
Franklin Receivables, LLC	One Franklin Parkway
	San Mateo, CA 94403
Franklin Mutual Advisers, LLC	51 John F. Kennedy Parkway
	Short Hills, NJ 07028-2789
Franklin Advisory Services, LLC	One Parker Plaza, 9 th Floor
	Fort Lee, NJ 07024-2938
Templeton Investment Counsel, LLC	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Templeton Asset Management Limited	7 Temasek Boulevard
	#38-03 Suntee Tower One, Singapore, 038987
Franklin Templeton Italia S.G.R.p.A	Corso Italia, 1 20122 Milano, Italy
Franklin Templeton Management Luxembourg SA	26 Boulevard Royal L-2449 Luxembourg, Grand Duchy of Luxembourg
Templeton International, Inc.	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Franklin Templeton Investment Services GmbH	Mainzer Landstr. 16
Franklin Templeton Switzerland Limited	D-60325 Frankfurt-am-Main, Germany Bahnhofstrasse 22
	CH-8022 Zurich, Switzerland

Franklin Templeton France SA/	16-18 Avenue George V
Franklin Templeton Asset Management SA	75008 Paris, France
Franklin Templeton Investments Corp	One Financial Place
	1 Adelaide Street East, Suite 2101
	Toronto, Ontario, Canada M5C 3B8
Templeton Heritage Limited	One Financial Place
	1 Adelaide Street East, Suite 2101
	Toronto, Ontario, Canada M5C 3B8
Templeton Franklin Global Distributors Limited	Appleby, Spurling & Kempe
	41 Cedar House Avenue
	P.O. Box HM 1179, Hamilton HM EX, Bermuda
Happy Dragon Holdings Limited	P.O. Box 71, Road Town Tortola, British Virgin Islands
Templeton/Franklin Investment Services, Inc.	26515 Carmel Rancho Blvd.
	Carmel, CA 93923
Franklin Templeton Investments (Asia) Limited	17th Floor, Chater House
	8 Connaught Road Central, Hong Kong
Templeton do Brasil Ltda.	Rua Lauro Muller 116, Sala 2404
	Rio de Janeiro, RJ, Brazil
Templeton Research Poland SP.z.o.o	ILMET Al. Jana Pawla II 15,
	10 th Floor, 00-828 Warsaw, Poland
Templeton China Research Limited	18 Floor, North Tower, Shanghai Stock Exchange Building
	528 Pudong S. Road, Pudong District, Shanghai 200120,
	P.R. China
Templeton Asian Direct Investments Limited	17 th Floor, Chater House
	8 Connaught Road Central, Hong Kong
Franklin Templeton International Services S.A.	26 Boulevard Royal
	L-2449 Luxembourg, Grand Duchy of Luxembourg Kanematsu Building, 6 th Floor
Franklin Templeton Investments Japan Limited	14-1, Kyobashi 2-chome, Chuo-ku, Tokyo 104-0031, Japan
Franklin Templeton Global Investors Limited/	Exchange Tower, 19 Canning Street
Franklin Templeton Investment Management Limited	Edinburgh, Scotland EH3 8EG
Franklin Templeton Investment Management Limited	Times Place, 2 nd floor
	45 Pall Mall, London, SW1Y 5JG, England
Franklin Templeton Investments Australia Ltd.	Level 25, 360 Collins Street
	Melbourne, Victoria 3000, Australia
Templeton Global Holdings Ltd.	P.O. Box N-7759
	Lyford Cay, Nassau, Bahamas
Franklin Templeton Holding Limited	C/o Pricewaterhouse Coopers LLP
	Cathedral Square, Port Louis, Mauritius
Franklin Templeton Services Limited	The Sweepstakes Centre
Closed Joint-Stock Company Templeton	Block C, Ballsbridge, Dublin 4, Ireland 16/2 Ulitsa Tverskaya
	Pushkin Plaza, 5 th Floor, 103009 Moscow, Russia
Templeton Global Advisors Limited	P.O. Box N-7759
	Lyford Cay, Nassau, Bahamas
Templeton Asset Management (India) Private Limited	Sakhar Bhavan, 1st Floor
Templeton Trustee Services (India) Private Limited	230 Backbay Reclamation, Nariman Point, Mumbai, 400-021
Franklin Templeton International Services (India)	Sakhar Bhavan, 1st Floor, 230 Backbay Reclamation,
Private Limited	Nariman Point, Mumbai, 400-021
Franklin Templeton Investment Management Limited	Transpolis Schiphol Airport
	Polarisavenue 83G, 2132 JH Hoofddorf, Holland
Templeton Asset Management (Labuan) Limited	Lot H, Level 7
	Wisma Oceanic, Jalan OKK Awang Besar
	87007 Federal Territory of Labuan, Malaysia
Franklin Templeton Investment Trust Management Co	18 th Floor, SKC Building 23-10
Ltd (Korea)	Youido-Dong, Youngdungpo-Gu, Seoul, S. Korea 150-734
Templeton Capital Advisors Ltd.	P.O. Box N-7759
	Lyford Cay, Nassau, Bahamas
Fiduciary Trust Company International	600 $5^{th}$ Avenue, $4^{th}$ Floor New York, New York 10020

Fiduciary Tax Services, Inc.	$6005th$ Avenue
	New York, New York 10020
Fiduciary Investment Corporation	$6005th$ Avenue
	New York, New York 10020
Fiduciary International, Inc.	$6005th$ Avenue
	New York, New York 10020
Fiduciary Financial Services Corp.	600 5 th Avenue
	New York, New York 10020
Fiduciary International Holding Inc.	1717 Pennsylvania Avenue N.W., Suite 630
	Washington DC 20006
Fiduciary Investment Management International, Inc.	1133 Connecticut Avenue, NW
	Suite 330, Washington D.C. 20036
Fiduciary Trust International of Delaware	1220 North Market Street Wilmington, Delaware 19801
Fiduciary Trust International of California	One Franklin Parkway, Building 910, First Floor
	San Mateo, California 94403
Fiduciary Trust International of the South	San Mateo Office:
	International Place, 100 S.E. 2 nd Street, Suite 2300
	Miami, Florida 33131-1101
Fiduciary Trust International of the South	Los Angeles Office:
	444 South Flower Street, 32 nd Floor, Los Angeles, CA 90071
FTI-Banque Fiduciary Trust	Zurich Representative Office
	Bahnhofstrasse 22, PO Box, 8022 Zurich, Switzerland
FTI-Banque Fiduciary Trust	World Trade Center II, Route de Pre-Bois 29,
	Case Postale 156, 1215 Geneva 15, Switzerland
Fiduciary International Ireland Limited	Deloitte & Touche House 29 Earlsfort Terrace, Dublin 2, Ireland
FTCI (Cayman) Ltd.	11 Dr. Roy's Drive, Grand Cayman, Cayman Islands
Fiduciary Trust International Investment Management,	Kanematsu Bldg., 5 th Floor,
Inc.	2-14-1, Kyobashi, Chuo-ku, Tokyo 104-0031
Franklin Templeton Institutional Asia Limited	Two Pacific Place, Suite 1903, 88 Queensway, Hong Kong
Fiduciary Trust International Limited	2 nd Floor, Times Place
	45 Pall Mall, London, England SW1Y 5JG
Franklin Templeton Alternative Strategies, Inc.	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Darby Holdings, Inc.	1133 Connecticut Avenue, Northwest, Washington, DC 20036
Franklin Templeton Institutional, LLC	One Franklin Parkway, San Mateo, CA 94403-1906
	Century Centre, 75 TTK Road, Chennaì, India 600018
Franklin Templeton AMC Limited
Pioneer ITI Mutual Fund Private Limited	Century Centre, 75 TTK Road, Chennai, India 600018
Templeton Restructured Investments, LLC	500 E. Broward Blvd., Suite 2100, Fort Lauderdale, FL 33394
TRFI Investments Limited	2-4 Arch Makarios III Avenue, Capital Centre
	9 th Floor, 1505 Nicosia, Cyprus

Names and addresses of all registered holders of relevant interests named in this form:
Name	Address
Australia & New Zealand Banking	Melbourne, Australia
Citicorp Nominees Pty Ltd.	Melbourne
JP Morgan Chase Ltd.	82 Pitt Street, New South Wales, Sydney
National Australia Bank Ltd.	271 Collins Street, Melbourne, Victoria
Westpac Banking Corp.	50 Pitt Street, Sydney, Australia

Names and addresses of all persons entitled to be registered as holders and named in this form: $\overline{2}$

Name	Address and the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of
MUTUAL FUND ACCOUNTS
T Global Smaller Co. Fund	17 th Floor, Chater House
	8 Connaught Road Central, Hong Kong
FTIF T Smaller Cos Fund	Exchange Tower, 19 Canning Street
	Edinburgh, Scotland EH3 8EG
Temp Int Smaller Co Fund	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
FTIT T Fgn Small Co Fund	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
TIFI-Foreign Smaller Co.	17th Floor, Chater House
	8 Connaught Road Central, Hong Kong
SEPARATE ACCOUNTS
Ivy Intl Balanced	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Met Life Separate 158	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
W&R Target Funds, Inc. II	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Syracuse University	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
International Val Trust	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Affinity Health System	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Baker Hughes Master Trust	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Int'l Smaller Companies Trust	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Transamerica Temp Foreign	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
SunAmerica Series	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
City of Hartford M E R F	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
AXP Partners Int'l S C F	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
City of Jacksonville G E	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091

University of Illinois	500 East Broward Boulevard, Suite 2100
	Fort Lauderdale, FL 33394-3091
Wayne State University	500 East Broward Boulevard, Suite 2100 Fort Lauderdale, FL 33394-3091

This is the annexure of 5 pages marked Annexure A referred to in the Form 604: Notice of Change in Interests or Entitlements of Substantial Shareholder signed by me and dated 23 December, 2004.

....................................... Robert Rosselot, Assistant Secretary

			4. Consideration	5. Class and
1. Date of	2. Person Whose Relevant Interest	3. Nature	Given in Nature	Number of	6. Persons
Change	Changed	of Change	of Change	Securities affected votes effected
12/22/2004	Franklin Templeton Investments Asia	Disposal	6.30 AUD	(384,080)	(384,080)
	Franklin Templeton Investments	Transfer
12/22/04	Corp.	Out	N/A.	(299, 045)	(299, 045)
10/21/2004	Templeton Investment Councel, LLC	Disposal	4.68 AUD	(4,567)	(4, 567)
		Acquisitio
10/26/2004	п.	n	4.58 AUD	40,270	40,270
10/26/2004	98.	Disposal	4.60 AUD	(450,000)	(450,000)
10/27/2004	,,	Disposal	4.68 AUD	(364, 690)	(364, 690)
10/28/2004	98	Disposal	4.84 AUD	(611, 281)	(611, 281)
12/3/2004	98	Disposal	5.96 AUD	(702, 100)	(702, 100)
		Acquisitio
12/21/2004	,,	n	6.25 AUD	140,560	140,560
12/22/2004	98	Disposal	6.30 AUD	(115,920)	(115,920)
12/22/2004	H.	Transfer In	N/A	299,045	299,045

Annexure B Details of Entitlement and Relevant Interests

7. Holder of Relevant Interest	8. Person's votes
Franklin Templeton Investments (Asia) Ltd.	5,507,650 votes
Franklin Templeton Investment Management Ltd.	$1.501.145$ votes
Templeton Investment Counsel LLC	$10,315,945$ votes

Registered Holder of 9.	10. Class and Number of	Person's votes 11.
Shares	Shares
Australia & New Zealand Banking	40,270 ordinary shares	40,270 votes
JP Morgan Chase Ltd.	8,992,045 ordinary shares	8,992,045 votes
Citicorp	1,629,560 ordinary shares	1,629,560 votes
National Australia Bank Nominees	517,640 ordinary shares	517,640 votes
Ltd.
Westpac Custodian Nominees	6,145,225 ordinary shares	$6.145.225$ votes

12. Person entitled to be	13. Class and Number		14. Person's votes
registered as holder	of Shares
MUTUAL FUND /
ACCOUNTS
T Global Smaller Co Fund		$5,042,240$ ordinary shares	5,042,240 votes
FTIF T Smaller Cos Fund		$1.501, 145$ ordinary shares	$1,501,145$ votes
Temp Int Smaller Co Fund		299,045 ordinary shares	$299,045$ votes
FTIT T Fgn Small Co Fund		$1,654,410$ ordinary shares	$1,654,410$ votes
TIFI - Foreign Smaller C		465.410 ordinary shares	$465.410$ votes

SEPARATE ACCOUNTS
Ivy Int'l Balanced Fund	191,820 ordinary shares	$[91,820]$ votes
Met Life Separate 158	111.800 ordinary shares	$[11,800]$ votes
W&R Target Funds, Inc. II	$1,259,900$ ordinary shares	$1,259,900$ votes
Syracuse University	228,650 ordinary shares	$228,650$ votes
International Val Trust	$2,632,220$ ordinary shares	$2,632,220$ votes
Affinity Health System	29,795 ordinary shares	$29,795$ votes
Baker Hughes Master Trust	550,130 ordinary shares	$550,130$ votes
Int'l Smaller Companies T	$2,351,865$ ordinary shares	2,351,865 votes
Transamerica Temp Foreign	92,650 ordinary shares	$92,650$ votes

Sunamerica Series TR-FVP	239.110 ordinary shares	$239.110$ votes
$\vert$ City Of Hartford M E R F	177,840 ordinary shares	$177,840$ votes
$AXP$ Partners Int'l S C F	196.340 ordinary shares	$196,340$ votes
City Of Jacksonville G $E$	202,400 ordinary shares	$202,400$ votes
University Of Illinois E	57,700 ordinary shares	$57,700$ votes
Wayne State University	40,270 ordinary shares	$40,270$ votes

This is the annexure of 2 pages marked Annexure B referred to in the Form 604: Notice of change in interests or entitlements of substantial shareholder signed by me and dated 23 December 2004.

....................................... Robert Rosselot, Assistant Secretary