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PYX Resources Ltd on Wednesday reported that zircon production and sales increased in 2022, as its average sales price climbed.
Shares in the Sydney-based zircon producer rose 20% to 20.50 pence each in London on Wednesday afternoon.
Premium zircon production in 2022 was up 25% to 91,000 tonnes from 72,000 tonnes in 2021. Premium zircon sales grew 31% to 91,000 tonnes, up 33% from 69,000 tonnes in 2021. PYX’s average zircon price climbed 36% to $2,457 per tonne from $1,811.
Meanwhile, the company highlighted that it started warehouse operations at Port Klang, near the Malaysian capital of Kuala Lumpur, to reduce shipping times and costs to end-users.
PYX Resources noted a positive outlook, saying that the global zirconium market is projected to have a 5% compound annual growth rate in terms of volume during 2022 to 2027.
Chair & Chief Executive Officer Oliver Hasler said: ‘With strong global demand forecast for our products and aggressive growth plans, we are well positioned to deliver shareholder value, and I look forward to an exciting 2023.’
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