PYX Resources Ltd (LSE:PYX, NSX:PYX) has reported another increase in annual zircon production from its operations in Kalimantan, Indonesia.
Second-half output rose by 29% with a total increase for calendar year 2023 of 31% to 11,800 tonnes (t), which offset a drop in rutile and ilmenite production to 2,900t from 7,500t.
Sales of all products by volume rose by 20% to 11,400t, though PYX said the price of zircon, its main product, was down by 20% at US$1,998 per tonne.
Sales of zircon rose by 18% in the second half, with a 24% rise for the year overall compared to the previous year.
Total employee numbers for 2023 were 22% lower than in 2022, showing an important productivity increase.
Oliver Hasler, chairman and chief executive, said PYX delivered a robust performance in 2023 marked by a 31% increase in zircon production, a 24% rise in zircon sales and renewal of key licences for Tisma and Mandiri.
“Despite the challenges posed by the market, we remain optimistic about our ability to navigate and capitalise on emerging opportunities,” he said.