Plans To Expand “Flagship” Mandiri Zircon Project
PYX Resources Ltd(NSX: PYX) has received notification that the company’s application for the extension of the Production Operation Mining Activities IUP license has been granted for the the world-class Mandiri Zircon Project in Indonesia.
The licence has been granted for a maximum authorised period of five years, after which the license can be renewed for additional periods of 5 years.
The Production and Operation IUP license allows subsidiary PT Investasi Mandiri to carry out production operations including construction, mining, processing and refining, transportation and sales activities. The terms of the renewed permit, including payment of Indonesian taxes and the honouring of other financial obligations of PYX’s subsidiary PT Investasi Mandiri.
“PYX Resources is extremely pleased to report receipt of the notification for the renewal of the IUP- OP license for the Mandiri deposit,” PYX’s Chairman and Chief Executive Officer. Oliver Hasler, said.
“This is a major milestone for the company, extending the term of the license, and thus enabling PYX to continue its critical exploration and development expansion activity, at a time when the premium zircon market supply is forecasted to move into deficit from this year onwards.
“The diligence and hard work of our team, and the quick response time of Indonesian government departments, officials and stakeholders is greatly appreciated.”
The company’s flagship asset is the Mandiri mineral sands deposit, located in the alluvium sediment rich region of Central Kalimantan, Indonesia, boasts the world’s 5th largest producing deposit of zircon.