PYX Resources Ltd (LSE:PYX, NSX:PYX) said its stockpile of ilmenite is ready for shipment but it is awaiting a modification to its export licence from the Indonesian government before it can be shipped.
Having received its licence to export rutile and ilmenite from the relevant government department last August, the company said the licence needs updating after the government introduced changes in December.
Indonesia’s trade department now requires exporters to use two types of port, a loading port and export port, it noted.
As the licence originally issued by the government only stated the loading port in Banjarmasin, PYX said it has made a request to tweak its licence to the trade department.
The revised licence is expected “imminently”, said PYX chairman and chief executive Oliver Hasler, but the shipment will need to be delayed until then.
"We have produced and stockpiled 10kt of titanium dioxide, ready for shipment,” Hasler said.
“Although the timing of the change to the conditions of the export licence is less than ideal, we have acted swiftly in requesting the modification to our existing licence and are confident that a revised licence will be issued imminently.”
Meanwhile, he said demand for PYX’s Premium Zircon continues and the company looks forward to building on the 61% increase in production and 88% increase in sales announced in its third-quarter update.