PYX Resources Ltd (LSE:PYX, NSX:PYX) reported a strong uptick in zircon production in 2022 with sales of the metal for the year up by a third.
Year-on-year sales of the industrial base metal increased to 9,100 tonnes (t) with the production of rutile (January) and ilmenite (June) - the components to make paint pigment titanium dioxide - also commencing during the year.
Production of rutile and ilmenite combined was 7,500t over the period with sales volumes of 300t.
Indonesia-based PYX added its finished goods inventories were now 7,300t and mainly attributable to stockpiles of rutile and ilmenite, which will be exported when it is granted a licence.
Zircon prices were 36% higher on average in 2022 compared to the previous 12 months and have remained strong recently, PYX added.
Oliver Hasler, chief executive, commented: "2022 was a highly successful year for PYX as we continued to set the foundation for long-term growth across several reporting areas.
"The 129% increase in year-on-year production and 38% rise in sales volume is a remarkable achievement.
"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."