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PYX Resources Ltd on Tuesday said it narrowed its annual loss in 2024 despite a sharp drop in revenue, as higher sales volumes partly offset a weak second half, disrupted operations and lower mineral prices. Shares in PYX Resources were down 7.2% at 1.62 pence in London on Tuesday afternoon. The Indonesia-focused zircon and mineral sands producer reported a pretax loss of $5.8 million for the year ended December 31, narrowed from $10.5 million a year before. The improvement was driven by a 57% reduction in production costs to $8.3 million from $19.6 million, as the company sold down inventories and implemented tighter cost controls. Revenue, however, fell 59% to $9.3 million from $22.7 million, reflecting a sharp drop in average selling prices and a shift in product mix. The average value per tonne fell 72% to $561, as PYX expanded into lower-priced titanium dioxide minerals following new export licences for ilmenite and rutile. Sales volumes increased 46% to 16,560 tonnes, supported by strong demand in China and India. However, zircon production dropped to 4.9 kilotonnes from 11.8kt, and zircon sales fell 70% to 3.4kt. PYX sold 12.4kt of titanium dioxide minerals, having secured first-time export permits for rutile and ilmenite during the year. PYX said production was hit by heavy rainfall, weaker demand, and the collapse of a bridge giving access to the Mandiri deposit, cutting total output by 55%. The second half of the year was described as ‘rather disappointing’ by Chair & Chief Executive Officer Oliver Hasler, after a ‘very strong first half’. Despite macroeconomic challenges and global price pressures, CEO Hasler said the company remains well-positioned for long-term growth. ‘Demand for our critical minerals& is expected to remain robust in the long term, driven by the global transition to clean energy technologies,’ he said. The company also highlighted a number of operational achievements, including connecting its Central Kalimantan operations to the local electric grid, reducing fuel costs and emissions, and receiving a Gold ESG excellence award from the Zircon Industry Association. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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