LONDON: PYX Resources Ltd (NSX: PYX | LSE: PYX), recognized as the world’s third-largest publicly listed zircon producer based on resources, has successfully completed its first shipment of ilmenite. The company announced the export of 1,040 tonnes of ilmenite, which contains 45% titanium dioxide (TiO2), to a client located in Zhanjiang, Guangdong Province, China.
This inaugural shipment comes on the heels of PYX Resources obtaining an export license in March 2024. The company’s directors expressed optimism about the future, anticipating further exports and promising to keep stakeholders informed as developments occur.
PYX Resources began its journey in the production of rutile and ilmenite in January and June 2022, respectively. By the close of December 2023, the company had amassed a stockpile of 9.8 kilotonnes (kt) of Titanium Dioxide feedstocks, comprising 9.6kt of ilmenite and 0.2kt of rutile. In preparation for export activities, approximately 2,000 tonnes of ilmenite were transported to the Port of Banjarmasin in South Kalimantan in July 2023.
The granted export license marks a new chapter for PYX, allowing the company to annually extract, produce, and export up to 20kt of rutile with a TiO2 content of 90% or higher, and 50kt of ilmenite with a TiO2 content of 45% or higher. Additionally, PYX is authorized to export 24kt per annum of its flagship product, premium zircon, further solidifying its position in the global market.
Commenting on its first ilmenite shipment, PYX’s Chairman and Chief Executive Officer Oliver Hasler, said: “Having only just received our export licence in March 2024 after a change in Indonesian law, we are delighted with the speed at which PYX has been able to export its first batch of ilmenite to our customer in Tianjin, China.
Ilmenite is the most important ore of titanium, which is used across several industries including power generation, utilities, automotive, and healthcare, due to its excellent strength-to-weight ratio and resistance to extreme temperatures and chemicals. Its versatility provides us with a range of potential customers globally supporting our long-term growth and strengthening our financial position.”