7th Aug 2023 10:46
(Alliance News) - PYX Resources Ltd on Monday praised a law change in Indonesia, which allows for the export of ilmenite and rutile.
The Sydney-based zircon producer said the law change issued by the country's Ministry of Trade allows Indonesian mineral sands companies to export ilmenite and rutile as a non-metal commodity, as well as zircon.
PYX expects to receive an award of the export licence of titanium dioxide from the trade department "imminently."
PYX Resources Chair and Chief Executive Officer Oliver Hasler said: "This is a significant milestone for PYX Resources, and we are excited to be able to add our high-quality ilmenite and rutile by-products to our premium zircon product portfolio and share them with the global market. This law change will allow us to contribute to the development of international supply chains and generate increased revenue and profitability for our business."
PYX Resources shares rose 1.3% to 22.24 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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