IN BRIEF: PYX Resources shares fall nearly 20% as hit by royalty hike
28th Feb 2025 16:59
PYX Resources Ltd - Indonesia-focused zircon and mineral sands producer - Says it has been notified by local authorities in Central Kalimantan, Indonesia, of an increase in royalties for the export of zircon, rutile and ilmenite. The royalties have risen to 20% of a newly defined base price of IDR4.8 million per tonne, or around USD59 per tonne. Previously, royalties were 4% of the base price adopted in 2022 of IDR3.0 million per tonne. The local royalty tax is in addition to the current 1.5% export tax. PYX is in contact with the relevant regional agencies to seek a reversal of the decision, or change the perimeter of the royalty application. Read More