PYX - PYX Resources CEO thanks stakeholders for a 'successful' 2023
(NewsDirect)
PYX Resources Ltd (LSE:PYX, NSX:PYX) chiefexecutive Oliver Hasler speaks to Proactive's Thomas Warner abouthow the world's third-largest publicly traded zircon producer hasbeen performing during 2023.
Haslerhighlights the achievement of a 10-year license renewal from theMinistry of Energy and Mining for the Tisma IUP-OP licence inKalimantan. He says the renewal not only promises increased zirconproduction but also demonstrates strong government relations. In aregulatory breakthrough, the export of rutile and ilmenite was easedin August, allowing PYX to export these minerals without additionalprocessing.
The company hasstockpiled about 9,000 tonnes of these minerals, poised to enhancesales and cash flow. Hasler announced preparations for the firstshipment of the year, indicating imminent news on this front.Financially, PYX Resources saw a 48% increase in mineral sands salesfor the first nine months of 2023, with Q3 being particularlystrong.
Production of premium zirconreached 4,000 tonnes, and total mineral sands production was up by 39%for the quarter. Sales surged by 70% compared to the previous year. Heexpects the fourth quarter to align with these robust figures.
Hasler says that despite a softeningglobal market, PYX's strategy of diversifying its customer base,especially in stronger economies like India and China, has beeneffective. Stable international prices at $2,100 per tonne and astrategy to sell all inventory have been crucial in this toughmarket.
PYX's financial health remains solid, maintainingits net cash position without accruing additional debt. Reflecting onthe year, Hasler expressed pride in his team's achievements,especially considering the limited physical presence at the projectdue to COVID-19 restrictions. Looking ahead, he outlined clear goalsfor 2024 and thanked stakeholders for their trust and support inPYX's successful year.
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