On October 21, 2019, L1 Capital, Tribeca Investment Partners and Perpetual Investments announced that royalty tied to iron ore production at BHP Billiton's Mining Area C (MAC) is materially undervalued in the wider Iluka Resource corporate structure. L1 Capital stated that it expected to ramp up pressure on Iluka to consider a demerger, which would separate the iron ore royalty from its wider mineral sands operations. L1 Capital stated that there are no synergies between the mineral sands division and the MAC royalty and the assets appeal to a different set of investors and the Company shares are trading way below fair value, because the royalty is currently hidden within the company’s corporate structure. L1 Capital stated that it confident that other shareholders would see the commercial logic in a demerger of the MAC royalty and it has provided a very thorough explanation of the logic for the demerger in its latest quarterly report.