8th Feb 2023 13:48
(Alliance News) - PYX Resources Ltd on Wednesday reported that zircon production and sales increased in 2022, as its average sales price climbed.
Shares in the Sydney-based zircon producer rose 20% to 20.50 pence each in London on Wednesday afternoon.
Premium zircon production in 2022 was up 25% to 91,000 tonnes from 72,000 tonnes in 2021. Premium zircon sales grew 31% to 91,000 tonnes, up 33% from 69,000 tonnes in 2021. PYX's average zircon price climbed 36% to USD2,457 per tonne from USD1,811.
Meanwhile, the company highlighted that it started warehouse operations at Port Klang, near the Malaysian capital of Kuala Lumpur, to reduce shipping times and costs to end-users.
PYX Resources noted a positive outlook, saying that the global zirconium market is projected to have a 5% compound annual growth rate in terms of volume during 2022 to 2027.
Chair & Chief Executive Officer Oliver Hasler said: "With strong global demand forecast for our products and aggressive growth plans, we are well positioned to deliver shareholder value, and I look forward to an exciting 2023."
By Tom Budszus, Alliance News reporter
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