PYX Resources "should have a very good second half"
London, UK
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September 13, 2023 09:00 AM Eastern Daylight Time
PYX Resources Ltd (LSE:PYX, NSX:PYX) chief executive Oliver Hasler speaks to Proactive's Thomas Warner after the world's third-largest publicly traded zircon producer released its interim results for the six months to 30 June.
Hasler gives an overview of the production and sales growth achieved in premium zircon and highlights an 8% reduction in costs that he attributes to economies of scale. Despite challenges, including COVID-related disruptions, PYX achieved positive underlying EBITDA for the second consecutive year.
Hasler says he would have preferred to receive the relevant export licenses for ilmenite and rutile during the first half but has received them during the post-period and anticipates a strong second half, benefiting from stockpiled materials.
PYX aims to further enhance volume, targeting 48,000 tonnes of premium zircon in their five-year plan, coupled with cost reductions through in-house mining and increased byproduct sales.
He says "we've never had debt... we should have a very good second half with increased volumes like we've been showing half after half in our mineral sands production."
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