TIDMPYX
RNS Number : 8263Q
PYX Resources Limited
23 February 2023
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
PYX Resources Limited / EPIC: PYX / Market: Standard / Sector:
Mining
23 February 2023
Pyx Resources Limited
("PYX" or "the Company ")
10 Year Exploration and Mining License
for Tisma Mineral Sands Project
Tisma Project Highlights
-- PT Tisma Global Nusantara (PT TGN) secures 10-year
exploration and mining license renewal for its Tisma Mineral Sands
project ("Tisma") in Kalimantan commencing 1 August 2022 until 31
July 2032
-- PT TGN now fully licensed with an "IUP-OP" Izin Usaha
Pertambangan Operasi Produksi (Production Operation Mining Business
License) permit, allowing the mining, production and export of
premium grade zircon
-- Granting of the tenement license recognises PT TGN and PYX's
compliance with Indonesian mining regulations and strong
environmental ethics
-- PYX holds a contractual interest in Tisma through an
Exclusive Operation and Management Agreement (see Company's
Prospectus dated 8 November 2021)
-- Tisma contains 4.5 Mt of Inferred Resources of Zircon;
together the Mandiri and Tisma Mineral Sand deposits total 10.5 Mt
of contained Zircon within a total of 263.5 Mt of heavy Mineral
Sands
-- PYX produces premium quality Zircon from Tisma with the
highest Heavy Mineral assemblage value amongst its peers
PYX Resources Ltd (NSX: PYX | LSE: PYX), is pleased to announce
that it has received notification from the Central Kalimantan
Provincial Government (DMPTSP: Head of Investment Office and
One-Stop Integrated Service Department of Central Kalimantan) that
after approval from the Energy and Mineral Resources Department of
Central Kalimantan ("ESDM"), PT TGN's application for the renewal
of the license for the Tisma tenement has been granted for the
maximum authorised period of 10 years, after which the license can
be renewed for additional periods. The renewal of the tenement
license allows PT. Tisma Global Nusantara ("PT TGN") to continue to
perform exploration and mining works in the tenement area.
The terms of the renewed permit, including payment of Indonesian
taxes and honouring of other financial obligations of PYX's
subsidiary PT Global Nusantara, are set out in the IUP-OP. A
summary of some of the key provisions is provided below:
-- Royalty on Zircon exported is 1.5%;
-- Fixed rent is payable to the Government of Indonesia at a
rate of US$4 per hectare per annum;
-- Corporate tax of 22% is payable and set by the Government of Indonesia;
-- Land and building taxes are payable to the local government ,
at a rate of 0.5% based on taxable sales value;
-- Environmental obligations, including reclamation bonding and
plans, approved by the local government as part of the mine
approval process.
Commenting on the tenement license approval, PYX's Chairman and
Chief Executive Officer Oliver Hasler, said:
"PYX Resources is extremely pleased to report receipt of the
notification for the renewal of the tenement license for the Tisma
asset. This is a key development for the Company, extending the
term of the tenement license where the Company operates, and thus
enabling PYX to continue its critical exploration and mining
activity, at a time when the mineral sands market is experiencing
increased demand and consistent growth.
PYX is an Indonesian focused Company looking to consolidate the
minerals sands market in the region. We are very lucky to work with
a professional and dedicated team and operate in a mining friendly
and supportive country like Indonesia. I would like to take the
time to thank our team and the Indonesian government departments,
officials and stakeholders for the quick decision on the license
application."
***S ***
For more information:
PYX Resources Limited T: +61 2 8823 3132
E: ir@pyxresources.com
WH Ireland Limited (Broker) T: +44 (0)20 7220 1666
Harry Ansell / Katy Mitchell
/ Megan Liddell
------------------------------
St Brides Partners Ltd (Financial E: pyx@stbridespartners.co.uk
PR)
Ana Ribeiro / Isabel de Salis
/ Isabelle Morris
------------------------------
This announcement is authorised for release by Oliver B. Hasler,
Chairman and Chief Executive Officer.
About PYX Resources
PYX Resources Limited (NSX: PYX | LSE: PYX) is a producer of
premium zircon dual listed on the National Stock Exchange of
Australia and on the Main Market of the London Stock Exchange.
PYX's key deposits, Mandiri and Tisma, are large-scale,
near-surface open pit deposits both located in the alluvium-rich
region of Central Kalimantan, Indonesia. PYX, whose Mandiri deposit
has been in production since 2015, is the 2nd largest publicly
traded producing mineral sands company by zircon resources
globally. Determined to mine responsibly and invest in the wider
communities where we operate, PYX is committed to fully developing
its Mandiri and Tisma deposits, with the vision to consolidate the
mineral sands resources in Kalimantan and explore and acquire
mineral sands assets in Asia and beyond.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This Announcement contains forward-looking statements and
forward-looking information within the meaning of applicable
Australian and UK securities laws, which are based on expectations,
estimates and projections as of the date of this Announcement.
This forward-looking information includes, or may be based upon,
without limitation, estimates, forecasts and statements as to
management's expectations with respect to, among other things, the
timing and amount of funding required to execute the Company's
exploration, development and business plans, capital and
exploration expenditures, the effect on the Company of any changes
to existing legislation or policy, government regulation of mining
operations, the length of time required to obtain permits,
certifications and approvals, the success of exploration,
development and mining activities, the geology of the Company's
properties, environmental risks, the availability of labour, the
focus of the Company in the future, demand and market outlook for
precious metals and the prices thereof, progress in development of
mineral properties, the Company's ability to raise funding
privately or on a public market in the future, the Company's future
growth, results of operations, performance, and business prospects
and opportunities. Wherever possible, words such as "anticipate",
"believe", "expect", "intend", "may" and similar expressions have
been used to identify such forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the information is given, and
on information available to management at such time. Forward
looking information involves significant risks, uncertainties,
assumptions, and other factors that could cause actual results,
performance, or achievements to differ materially from the results
discussed or implied in the forward-looking information. These
factors, including, but not limited to, fluctuations in currency
markets, fluctuations in commodity prices, the ability of the
Company to access sufficient capital on favourable terms or at all,
changes in national and local government legislation, taxation,
controls, regulations, political or economic developments in
Indonesia and Australia or other countries in which the Company
does business or may carry on business in the future, operational
or technical difficulties in connection with exploration or
development activities, employee relations, the speculative nature
of mineral exploration and development, obtaining necessary
licenses and permits, diminishing quantities and grades of mineral
reserves, contests over title to properties, especially title to
undeveloped properties, the inherent risks involved in the
exploration and development of mineral properties, the
uncertainties involved in interpreting drill results and other
geological data, environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and flooding,
limitations of insurance coverage and the possibility of project
cost overruns or unanticipated costs and expenses, and should be
considered carefully. Many of these uncertainties and contingencies
can affect the Company's actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Prospective investors should not place undue reliance on any
forward-looking information.
Although the forward-looking information contained in this
Announcement is based upon what management believes, or believed at
the time, to be reasonable assumptions, the Company cannot assure
prospective purchasers that actual results will be consistent with
such forward-looking information, as there may be other factors
that cause results not to be as anticipated, estimated or intended,
and neither the Company nor any other person assumes responsibility
for the accuracy and completeness of any such forward-looking
information. The Company does not undertake, and assumes no
obligation, to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by law.
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