PYX Resources Ltd (LSE:PYX, NSX:PYX), a leading zircon producer, has received a green light from Indonesian authorities for a substantial expansion of its Mandiri Project.
The two-year licence, valid for 2024 and 2025, permits the company to extract and process up to 94,000 tonnes per annum of key minerals, including premium zircon, Ilmenite, and rutile.
This approval not only marks a significant milestone for PYX but represents a departure from standard protocol for the authorities, which traditionally grant only a 12-month licence.
The comprehensive work plan approved by the Indonesian Energy and Mineral Resources Department encompasses mining operations, processing, refining, marketing, and shipping, as well as a strong focus on environmental sustainability, mining safety, training, and community development.
Under the new licence, PYX will export 24,000 tonnes of premium zircon, 50,000 wet tonnes of Ilmenite, and 20,000 wet tonnes of rutile annually, with specific allocations for both the domestic and international markets.
This move is set to bolster PYX's position in the global minerals market and contribute significantly to the industry's growth.
Chairman Oliver Hasler, said: "We are thrilled with the Indonesian Energy and Mineral Resources Department decision to award Mandiri, which has been in production since 2015, with a two-year work programme licence, as opposed to the usual yearly licence, providing us with greater visibility and allowing us to plan further ahead.
"We look forward to our continued collaboration with the local government and the community as we advance the Mandiri project."