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PYX Resources Ltd on Friday announced a widened loss as revenue was much lower due to operations in Indonesia being suspended. The Indonesia-focused zircon and mineral sands producer said net loss before tax widened to $625,379 in the first half of 2025, from $136,124 a year ago. Sales revenue dove 97% to $256,094 from $8.8 million. Revenue was sharply lower due to the suspension of operations and exports. Cash as of June 30 fell 33% on-year to $5.1 million from $7.6 million. The company produced no zircon in the first half of 2025, compared to 4,500 tonnes a year prior. PYX Resources explained that its local subsidiaries in the first half had received notification from the Provincial Department of Energy & Mineral Resources that their Work Plan & Budget licenses for production operations have been suspended. This applies to all zircon producers in Central Kalimantan in Indonesia. Early in September, PYX had announced it was forced to postpone the renewal of its license, resulting in a temporary suspension of operations at Mandiri. PYX Resources back then said Indonesia’s Ministry of Energy & Mineral Resources has decided that the annual Work Plan & Budget system will not be reinstated until 2026, with the move, according to the government, being driven by a need to address oversupply and improve market stability, among other reasons. PYX Resources on Friday said: ‘As a result of these external factors, PYX recorded disappointing performance for the period, and management has prioritized cost control and strategic mitigation efforts.’ PYX Resources shares were flat at 0.45 pence each on Friday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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