PYX Resources CEO thanks stakeholders for a 'successful' 2023
London, UK
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January 03, 2024 09:12 AM Eastern Standard Time
PYX Resources Ltd (LSE:PYX, NSX:PYX) chief executive Oliver Hasler speaks to Proactive's Thomas Warner about how the world's third-largest publicly traded zircon producer has been performing during 2023.
Hasler highlights the achievement of a 10-year license renewal from the Ministry of Energy and Mining for the Tisma IUP-OP licence in Kalimantan. He says the renewal not only promises increased zircon production but also demonstrates strong government relations. In a regulatory breakthrough, the export of rutile and ilmenite was eased in August, allowing PYX to export these minerals without additional processing.
The company has stockpiled about 9,000 tonnes of these minerals, poised to enhance sales and cash flow. Hasler announced preparations for the first shipment of the year, indicating imminent news on this front. Financially, PYX Resources saw a 48% increase in mineral sands sales for the first nine months of 2023, with Q3 being particularly strong.
Production of premium zircon reached 4,000 tonnes, and total mineral sands production was up by 39% for the quarter. Sales surged by 70% compared to the previous year. He expects the fourth quarter to align with these robust figures.
Hasler says that despite a softening global market, PYX's strategy of diversifying its customer base, especially in stronger economies like India and China, has been effective. Stable international prices at $2,100 per tonne and a strategy to sell all inventory have been crucial in this tough market.
PYX's financial health remains solid, maintaining its net cash position without accruing additional debt. Reflecting on the year, Hasler expressed pride in his team's achievements, especially considering the limited physical presence at the project due to COVID-19 restrictions. Looking ahead, he outlined clear goals for 2024 and thanked stakeholders for their trust and support in PYX's successful year.
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