Minerals sands supplier PYX Resources Ltd (LON: PYX) will benefit from the announcement by the Indonesian Ministry of Trade that it is easing export restrictions on ilmenite and rutile with minimum grades of titanium dioxide. Management expects to be awarded an export licence for titanium dioxide, imminently.
This will boost revenues and profit. PYX has an inferred resource of 126.3mt at Mandiri with an average heavy metals content of 7.46%, of which 64% is zircon and an inferred resource of 137mt at Tisma with an average heavy metals content of 4%, of which 82% is zircon, 8.5% ilmenite and 2% rutile.
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In the first quarter, 2,500t was produced (1,900t zircon and 600t titanium dioxide), although less was sold in the period. The titanium dioxide concentrate inventory was increased to 7,400t so that PYX is ready to export when it gets its licence.
The share price moved up by 0.25p to 21.8p.
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