PYX Set to Export Ilmenite and Rutile
Sydney, Aug 7, 2023 AEST (ABN Newswire) - Pyx Resources Limited (
LON:PYX) (NSX:PYX), the world's third-largest publicly listed zircon producer by zircon resources, is delighted to announce a change in Indonesian law, issued by the Ministry of Trade of the Republic of Indonesia, under regulation No. 13, allowing Indonesian Mineral Sands companies to export Ilmenite and Rutile as a Non-Metal commodity, the same as Zircon.
The law change was recommended by the Ministry of Energy and Natural Resources and allows for the export of Ilmenite and Rutile as Non-Metal with a minimum grade of TiO2 greater than or equal to 45% for Ilmenite and TiO2 greater than or equal to 90%. As a result, PYX Resources anticipates the award of the export license of Titanium dioxide, from the Trade Department, imminently.
On receipt of the export licence the Company can proceed with the export of its titanium stockfeed, of which it currently has 8.3kt in inventory.
PYX Resources is a leading mining company that specialises in the exploration, extraction, production and sales of mineral sands. The Company has operations in Kalimantan, Indonesia, where it has secured long-term mining rights. With this law change, PYX Resources can now export its products on a broader scale and contribute to the continued development of the global business community.
Titanium feedstock production represents an approximately US$4.5 billion per annum industry.
Commenting on the change of law in Indonesia, PYX's Chairman and Chief Executive Officer Oliver Hasler, said:
"This is a significant milestone for PYX Resources, and we are excited to be able to add our highquality Ilmenite and Rutile by-products to our Premium Zircon product portfolio and share them with the global market. This law change will allow us to contribute to the development of international supply chains and generate increased revenue and profitability for our business. We are grateful to the Government of Indonesia for recognising the potential of our products and supporting the growth of our operations."
About Pyx Resources Limited
PYX Resources Limited (NSX:PYX) (LON:PYX) is a global producer of premium zircon listed on the National Stock Exchange of Australia and the London Stock Exchange. The Company's flagship asset is the Mandiri mineral sands deposit, located in the alluvium sediment rich region of Central Kalimantan, Indonesia. Boasting the world's 5th largest producing deposit of zircon, PYX is a large-scale, near-surface open pit operation in production since 2015 and with exploration to date validating the presence of additional Valuable Heavy Minerals such as rutile, ilmenite among others within its mineral sands.
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