PYX
Resources Limited / EPIC: PYX / Market: Standard / Sector:
Mining
30 July 2024
Pyx Resources
Limited
("PYX" or
"the Company")
PYX receives new three-year
licence to extract and process up to
88,800 tonnes of minerals
from its Tisma Project in Indonesia
PYX
Resources Ltd (NSX: PYX | LSE: PYX), the third largest publicly listed zircon producing mining
company globally by zircon resources,1 is pleased to
announce that it has received a three-year licence to extract and
process up to 88.8kt minerals from its Tisma Project ("Tisma") in
Central Kalimantan, Indonesia. With a 27 per cent. recovery factor,
this enables the production of circa 8ktpa of premium zircon of
which 6.4ktpa may be exported and 1.6ktpa sold to domestic
Indonesian markets.
The Company's Work Programme &
Budget / Rencana Kerja dan Anggaran Biaya ("WP&B"/ "RKAB")
received from the Indonesian Energy and Mineral Resources
Department ("ESDM") is valid for three years, 2024 - 2026. It
includes mining operations; processing and
refining; marketing and shipping; environment; mining safety;
training; and community development and empowerment.
Commenting on the receipt of approval for the Budget and Work
Plan, PYX Resources' Chairman and Chief Executive Officer, Oliver
B. Hasler, said: "I am delighted to announce
that the Indonesian ESDM has granted Tisma a three-year work
programme licence, which allows us to strategically plan our
operations for the coming years. I would like to extend my
gratitude to the Indonesian authorities for their support and look
forward to keeping our shareholders informed with updates on Tisma
in the months ahead."
Tisma
Tisma is a licenced concession
covering 1,500 hectares in Central Kalimantan, Indonesia,
approximately 50km northwest from the regional capital
Palangkaraya. The project has 137 million tonnes of JORC complaint
inferred resources with 4% heavy mineral, containing approximately
4.5 million tonnes of zircon in combination with valuable
by-products including titanium minerals (rutile and
ilmenite). 2
The terms of the recently renewed
permit includes payment of Indonesian taxes and the honouring of
other financial obligations of PYX's subsidiary PT Global
Nusantara. A summary of some of the key provisions
includes:
·
Royalty on zircon exported of 1.5%;
·
Fixed rent payable to the Government of Indonesia
at a rate of US$4 per hectare per annum;
·
Corporate tax of 22% payable and set by the
Government of Indonesia;
·
Land and building taxes payable to the local
government at a rate of 0.5% based on taxable sales value;
and
·
Environmental obligations, including reclamation
bonding and plans, approved by the local government as part of the
mine approval process.
* * ENDS *
*
For further information, please
contact:
|
PYX
Resources Limited
|
T:
+61 2 8823 3132
E: ir@pyxresources.com
|
|
Zeus Capital Limited (Broker)
Harry Ansell / Katy Mitchell /
Darshan Patel
|
T:
+44 (0)20 3829 5000
|
|
|
|
|
St
Brides Partners Ltd (Financial PR)
Ana Ribeiro / Paul Dulieu
|
E: pyx@stbridespartners.co.uk
|
About PYX Resources
PYX Resources Limited (NSX: PYX |
LSE: PYX) is a producer of premium zircon dual listed on the
National Stock Exchange of Australia and on the Main Market of the
London Stock Exchange. PYX's key deposits, Mandiri and Tisma, are
large-scale, near-surface open pit deposits both located in the
alluvium-rich region of Central Kalimantan, Indonesia. PYX, whose
Mandiri deposit has been in production since 2015, is the 3rd
largest publicly traded producing mineral sands company by zircon
resources globally. Determined to mine responsibly and invest in
the wider communities where we operate, PYX is committed to fully
developing its Mandiri and Tisma deposits, with the vision to
consolidate the mineral sands resources in Kalimantan and explore
and acquire mineral sands assets in Asia and beyond.
This announcement contains
inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is
part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public
domain.
[1] according to publicly available information as of 30 June
2023
[2] Compliance
Statement
The Tisma mineral sands deposit
hosts a 4.5 Mt Inferred JORC Resource of zircon. The Company
originally announced this resource in its Announcement "PYX
Resources Limited Agrees to Acquire Tisma Development (HK) Limited,
a World-Class, Fully Licensed Mineral Sands Deposit" on 13 January
2021 (refer website:
https://pyxresources.com/wp-content/uploads/2021/01/NSX-Annonucement-Acquisition-of-Tisma-by-PYX.pdf)
and confirms that it is not aware of any new information or data
that materially affects the information included in the
Announcement. All material assumptions and technical parameters
disclosed in the Announcement that underpin the estimates continue
to apply and have not materially changed.