PYX Resources Ltd (googlechartLON:PYX) (googlechartNSX:PYX) the world's third-largest publicly listed zircon producer by zircon resources, is pleased to announce that it has received the modified license to export ilmenite from the Investment and One-Integrated Services Department (Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu/ DPMPTSP). With immediate effect, the Company can now start exporting ilmenite and delivering on orders placed before the modification of the license.
As previously announced, in December 2023, the Industrial and Trade Department for Export Tax Billing introduced an additional requirement to the export license, which stipulates the requirement to use two types of Ports, a Loading and Export Port. (See announcement on 5th January 2024). This has now been obtained for ilmenite. PYX will be using the Banjarmasin port for loading and the Jakarta port for export.
As previously stated, PYX has been producing and stockpiling ilmenite and rutile since 2022 (see announcements on 12th January 2022 and 27th June 2022), and by the end of December 2023 had accumulated 10kt of Titanium Dioxide material (pre-audit). The start of shipping ilmenite will represent a significant milestone for the Company and significantly strengthen its financial position. Further updates on the start of shipping will be provided in due course as appropriate.
PYX's Chairman and Chief Executive Officer Oliver Hasler said, "It has been a good start to 2024, and we are delighted with the quick turnaround in which we received our revised export license. We remain well positioned to deliver on the orders placed throughout 2023 and are hopeful that we can update shareholders on the commencement of shipping imminently."
Image source: ABN Newswire / Pyx Resources
Source: https://www.abnnewswire.net/press/en/124046/Pyx-Resources-Limited-(LON-PYX)-to-Start-Shipping-Ilmenite.html
