PYX Resources Ltd (LSE:PYX, NSX:PYX) chairman and CEO Oliver Hasler joined Proactive's Stephen Gunnion with details of the company's record performance for 2023.
Despite global financial challenges, PYX, a leader in zircon production, saw significant growth in production and sales. Zircon production increased by 31% in 2023 compared to 2022, with overall sales up by 24%. The company focused on zircon, the most valuable mineral in its portfolio, reducing production of other minerals. This strategic shift led to a total sales increase of 20%.
Despite a soft general market, zircon prices remained strong. Prices increased from $1,300-$1,400 per tonne at IPO to $2,100 per tonne by the end of 2023, mainly driven by demand from China and Pyx's high-quality, innovative products suited for applications like electric vehicle batteries and energy cells.
Hasler also highlighted Pyx's commitment to sustainability and workplace diversity. It aligned with the UN sustainability goals, increased female employment, and focused on hiring from the local indigenous population. The company also engaged in community projects, including tree planting, blood donation drives, and cultural initiatives.
Looking forward to 2024, Pyx Resources has a robust five-year plan aimed at increasing zircon production to 48,000 tonnes.
Hasler sees potential for Pyx Resources to become a regional consolidator in the mineral sands business, presenting a unique investment opportunity.
