UBS has downgraded Iluka Resources (ASX: ILU) and Oz Minerals (ASX: OZL) from Neutral to Sell this morning. On Iluka Resources, UBS said its recent outperformance on the market was in anticipation of a recovery in titanium prices. However, that has not materialised and as a result, there is now downside risk to earnings expectations for 2013. For Oz Minerals, the release of the September production report produced a set of disappointing results with weaker production and higher costs. The broker believes the company has failed to implement its strategy outlined in 2009, except in the area of capital management. Beyond the next 6 - 7 years, options for the company to achieve growth are limited and reliant on exploration success.