PYX Resources Ltd (LSE:PYX, NSX:PYX) said it has received a ten-year extension to its Tisma mineral sands project in Kalimantan, Indonesia, which now runs until July 2032.
The company is now fully licensed with an 'IUP-OP' permit, allowing the mining, production and export of premium-grade zircon.
PYX holds a contractual interest in Tisma through an exclusive operation and management agreement.
Terms of the permit include a royalty on zircon exported of 1.5%, a fixed rent of US$4 per hectare per annum; 22% corporation tax plus land and environmental obligations.
In a statement, Oliver Hasler, PYX's chairman and chief executive, said: “This is a key development for the company, extending the term of the tenement license where the company operates, and thus enabling PYX to continue its critical exploration and mining activity.”