10th Aug 2023 17:18
PYX Resources Ltd - Indonesia-focused zircon producer - Reports a "strong" performance in the first half of 2023, with increases in both sales and production. Says zircon production in the half climbs 33% to 5,700 tonnes from 4,300 tonnes the year prior. Zircon sales rise 34% to 5,200 tonnes from 3,900 tonnes. Average zircon price, however, drops 30% to USD1,927 per tonne from USD2,749. Total minerals sands production drops 26% to 6,800 tonnes from 9,200 tonnes. Total minerals sand sold, however, jumps 34% to 5,200 tonnes from 3,900 tonnes. Explains the drop in minerals sands production is due to the decision to focus on the production and sale of premium Zircon due to high demand.
"As we enter the second half of the year, we remain optimistic about our strategic plan and the continued rise of Mineral Sands prices. We remain well positioned to deliver on our goals and benefit from the industry's strength," comments Chair & Chief Executive Oliver Hasler.
PYX Resources expects to release its interim results on or around September 13.
Current stock price: 26.30 pence, closing 17% higher in London on Thursday
12-month change: down 51%
By Heather Rydings, Alliance News senior economics reporter
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