15th Aug 2025 21:47
PYX Resources Ltd - Indonesia-focused zircon and mineral sands producer - Says did not undertake production activities in the first half of 2025 due to continued weakness in global mineral sands pricing; elevated operating costs, particularly from third-party contract mining arrangements; and a steep increase in regional royalties from USD8 per tonne to USD59 per tonne, as announced by PYX in February. In addition, flags a complex regulatory environment in Indonesia following the recent presidential elections. Says PYX local subsidiaries approvals for production have been suspended, and PYX's export licenses for zircon, ilmenite, and rutile have also been suspended. One subsidiary has received tax assessments amounting to USD2 million, which are being challenged. "While PYX is not the subject of any specific allegations, the company is committed to full cooperation with any investigation by the relevant authorities and supports efforts to ensure regulatory compliance across the sector," PYX says. Despite the absence of production in the first half, PYX says it continues to manage its inventory and sales strategy prudently and remains focused on preserving shareholder value. Read More
