The House Representative of Energy Commission supports the government's plan to temporarily suspend or moratorium on permits for the construction of nickel processing plants. The reason is that currently there is excess production of high grade nickel commodities, such as ferronickel, nickel pig iron (NPI), and nickel matte.Deputy Chairman of Commission VII Bambang Haryadi said the government should encourage mineral processing factories that produce downstream products for battery raw materials such as precursors and cathodes."I think it is necessary to limit the construction of new smelters, which are currently the result of initial management," Bambang told journalists at the Nusantara II Building, Jakarta on Wednesday (16/8).The Energy Commission also encourages the government to provide greater opportunities for business actors who wish to establish High Pressure Acid Leach Leaching (HPAL) hydrometallurgical smelters.This smelter is for the supply of raw materials for further downstream products, such as precursors, cathodes, and batteries. "So the hope is that in the future the added value will be even higher," said Bambang.The Indonesian Nickel Industry Forum (FINI) echoed a similar attitude. Chairman of FINI, Alexander Barus, said that the moratorium on permits for the construction of pyrometallurgical smelters at RKEF is urgent to be implemented as the excess supply of processed commodities from high-grade nickel ore is causing prices to be further pressured."It's best to have a moratorium now, meaning that new permits for pyrometallurgical smelters, in my opinion, no longer need a permit," Alex said at the Westin Hotel on Tuesday (9/5).Alex, who also serves as President Director of PT Indonesia Morowali Industrial Park (IMIP), also said that the upstream nickel mining business is now overwhelmed to meet the demand for saprolite nickel supplies to the smelter company processing the high grade nickel ore.Even though the production of high grade nickel ore reaches 130 million metric tons per year, this amount is not comparable to the ability and processing capacity of all domestic smelters. "With 130 million tons, the miners have worked hard. What does that mean? There can be smelters that cannot be supplied and there is competition between supplies," said Alex.Special Staff of the Minister of Energy and Mineral Resources for the Acceleration of Mineral and Coal Management (Minerba), Irwandy Arif, said that the production rate of NPI to ferronickel is currently increasing nickel ore consumption significantly to obtain high grade saprolite nickel ore of 1.5% -3%.Irwandy explained that the absorption of nickel ore to produce NPI and ferronickel currently reaches 100 million to 160 million tons per year. This amount will increase to 450 million tons per year if the construction of the RKEF smelter continues. On the other hand, Indonesia's nickel ore reserves are only 5.2 billion tonnes.According to him, the government needs to increase exploration for nickel reserves while boosting the HPAL smelter which is capable of processing low grade 0.8-1.5% limonite nickel ore into a mixture of hydroxide solids from nickel and cobalt Mix Hydroxide Precipitate (MHP) and Mix Sulphide Precipitate (MHP). MSPs). This product is the main raw material for the production of nickel sulfate or cobalt sulfate. The two intermediate products are raw materials for battery components.Image source: ANTARA FOTO/JOJON/SPT.Source: https://katadata.co.id/yuliawati/berita/64dcd57996dc4/komisi-energi-dpr-dukung-moratorium-izin-pembangunan-smelter-nikel

The Ministry of Energy and Mineral Resources (ESDM) said that currently 90% of nickel smelters in Indonesia use pyrometallurgical technology or Rotary Klin-Electric Furnace (RKEF) originating from China. The use of this technology is popular because the investment is relatively cheaper compared to hydrometallurgical smelters.Special Staff for the Acceleration of Minerba Governance at the Ministry of Energy and Mineral Resources, Irwandy Arif explained that nickel downstream in Indonesia is currently almost 100% using RKEF technology which will produce nickel pig iron (NPI) and ferronickel."So, 90% of those who enter cooperation smelters come from China because it's cheap (the investment). The mining industry business is definitely looking for something cheap," he explained when met at the Ministry of Energy and Mineral Resources Building, Friday (18/8).Meanwhile, there are several companies that do not use technology from China, namely PT Vale Indonesia Tbk ( INCO ), which is building its nickel smelter using technology from Canada.According to ESDM records, currently there are 33 smelters with pyrometallurgical technology that are operating and producing up to 115.45 million metric tons of NPI. As many as 37 smelters that will produce 90.88 million MT are under construction and 27 smelters are planned to be built.However, continued Irwandy, in the future there will be other partners, outside of China, who will also contribute to encouraging downstream nickel in Indonesia. Especially when the RKEF smelter will be limited, the downstream process in the country will go even further so that it can produce batteries.Currently, the Ministry of Energy and Mineral Resources is worried about the increasingly massive consumption of saprolite ore due to the proliferation of RKEF smelters in Indonesia.Therefore, the Minister of Energy and Mineral Resources has made an appeal to business actors regarding restrictions on the construction of the RKEF smelter."This appeal is due to the extraordinary consumption of saprolite ore, this is what we must pay attention to. But what has been approved I think will continue (the construction) especially if it is still within the national strategic program (PSN)," he explained.Image source: ANTARA FOTO/JOJONSource: https://industri.kontan.co.id/news/kementerian-esdm-90-smelter-nikel-di-indonesia-gunakan-teknologi-dari-china

PT Indo Tambangraya Megah Tbk (ITMG) recorded a coal production volume of 8.2 million tons as of June 2023, an increase of 6% compared to the same period the previous year.Main Director of Indo Tambangraya Megah Mulianto said that this achievement had exceeded the target, which was supported by good weather conditions and operational management.As a result, in the first half of 2023, Indo Tambang was able to record net revenues of US$ 1.3 billion with a gross profit of US$ 458 million and a gross profit margin of 35%, as well as an EBITDA of US$ 408 million.The average selling price of Indo Tambang's coal in the first semester of 2023 is US$ 130.6 per ton. This price decreased compared to the previous US$ 175.1 per ton. As a result, the company's net profit shrank 33 percent to US$ 307 million compared to the same period last year.However, As a result of cash management, Mulianto stated that Indo Tambang was still able to maintain a healthy balance sheet."Until the end of June 2023, the company recorded total assets of US$ 2.2 billion with total equity of US$ 1.8 billion. Cash and cash equivalents were also solid, reaching US$ 1 billion," said Mulianto in his statement, Wednesday (16/ 8/2023). ITMG shares also recorded earnings per share of US$ 0.27.Meanwhile, ITMG recorded a sales volume of 9.9 million tons, consisting of the Chinese market 3.6 million tons, Indonesia 2.2 million tons, Japan 0.9 million tons, Philippines 0.8 million tons, Thailand 0.5 million tons, and other countries in Asia Pacific and Europe.This year, ITMG is targeting a coal production volume of 16.6-17 million tons with a sales volume of 21.5-22.2 million tons. Of the sales volume target, 56% has been set at a selling price, then 32% refers to the coal price index and the remaining 12% has not been sold.Furthermore, Mulianto said that ITMG established PT ITM Bhinneka Power (IBP) to participate in the renewable energy and energy technology business. This is in line with the government's plan through PT PLN (Persero) which targets renewable energy capacity to increase by 20.9 GW until 2030 to support zero emissions in 2060.IBP has formed two subsidiaries, namely PT Cahaya Power Indonesia (CPI) which focuses on developing solar panel roofs for commercial and industrial use and PT IBP Hydro Power (IHP) which is engaged in the renewable energy business based on hydroelectric power plants.As of semester I-2023, the company has secured a cumulative contract of 9.7 MWp. An additional 1.0 MWp contract was won in the second quarter of 2023. Of this amount, the total project capacity that has been or is being worked on is 5.8 MWp.Image source: PerseroanSource: https://investor.id/market/338221/indo-tambang-itmg-dongkrak-bisnis-batu-bara-dan-energi-terbarukan

PT United Tractors Tbk ( UNTR ) projects a gold equivalent sales volume in 2023 of 175,000 ounces. This projection is lower than last year's realization of UNTR gold sales which reached 286,414 ounces.United Tractors Corporate Secretary, Sara K. Loebis, explained that UNTR is currently developing a tailings facility . That is why management made production adjustments."The development of the tailings facility is underway , so for the time being, production capacity needs to be adjusted first," Sara told Kontan.co.id, Sunday (20/8).Gold mining is one of several lines of business that are run by UNTR. The business line is run through PT Agincourt Resources (PTAR) which was acquired by UNTR through PT Danusa Tambang Nusantara (DTN) at the end of 2018. PTAR is a company engaged in mineral exploration, mining and processing. Currently, PTAR operates the Martabe Gold Mine in the province of North Sumatra with a 30 year Contract of WorkThe concession area according to this agreement is 1,302 square kilometers. This area covers areas in South Tapanuli, Central Tapanuli, North Tapanuli and Mandailing Natal Regencies.The location of the Martabe Gold Mine itself is in South Tapanuli Regency with an operating area of ​​479 hectares. As of June 2022, the mineral resources of the Martabe Gold Mine were 6.5 million ounces of gold and 64 million ounces of silver. The ore reserves are 3.9 million ounces of gold and 36 million ounces of silver, equivalent to an additional 12-13 years of mining operations.Throughout the first half of 2023, UNTR's gold equivalent sales volume reached 109,477 ounces. This number shrank 23.85% compared to the realization in the first semester of 2022 which reached 143,776 ounces.“Estimated gold sales for this year's full year are 175,000 ounces. Sales in semester 1 were around 109,000 ounces, so the rest will be in semester 2," he said.In terms of accounting for profit and loss performance, UNTR pocketed a turnover of IDR 3.19 trillion in the gold mining line of business or 4.64% of UNTR's total consolidated revenue in the first semester of 2023.This number decreased by 17.92% compared to the realization of UNTR's gold mining turnover for the first semester of 2022 which reached IDR 3.88 trillion.Even though it has not been very successful in the gold mining business this year, UNTR still has a vision to accelerate this line of business. Currently, UNTR is preparing the Sumbawa Jutaraya (SJR) mine to be able to start operating in 2024.In a previous interview with Kontan.co.id, management stated that SJR Mine production was estimated at 40,000 ounces per year in the early year, then increased in the following year to 60,000 ounces.Image source: www.unitedtractors.comSource: https://investasi.kontan.co.id/news/proyeksi-penjualan-emas-united-tractors-untr-tahun-2023-lebih-rendah-cek-pemicunya

Coal prices strengthened at the close of trading last weekend. The price of coal futures for the August 2023 contract at ICE Newcastle Futures was observed to have risen 1.70% to a level of US$149.50/ton at the close of trading on Friday (18/8).This coal price movement also occurred in the coal futures price for the September 2023 contract which grew 3.04% to a level of US$160.75/ton at the same trading time.The coal price for the August 2023 contract reversed direction from trading the previous day which closed down 0.34% on 17 August 2023. Previously, coal prices had rallied for 10 consecutive trading days with an accumulated increase of 10.07% on 3-16 August 2023 .Meanwhile, if you look at the movement throughout the year, the black gold price fell 63.01%. The price has also fallen 63.88% in the past year.The strengthening of coal prices occurred due to ongoing mine safety inspections in China as the world's largest coal producer, thereby limiting production. According to Reuters , China's average daily coal production in July fell to its lowest level since October.Data from China's National Bureau of Statistics (NBS) show that China's coal production reached 377.54 million metric tons last month or the equivalent of 12.18 million tons per day. The figure is down 6.3% from June but is about the same as July 2022.Safety inspections carried out at Chinese mines came after two fatal accidents occurred at the main coal hub Shanxi last month. As a result, inspections were tightened and production at several mines was suspended.According to data compiled by data provider Wind, the average operational rate at 442 major coal mines in Shanxi, Shaanxi and Inner Mongolia fell from 82.4% to 81.2% at the end of July. Analysts expect safety controls to be in place for the remainder of 2023 thereby limiting coal production in the country.Meanwhile, coal prices in China have fallen over the past month due to high import volumes, rising inventories, and sluggish industrial demand. This condition makes mining operations also become discouraged.For information, during the first seven months of 2023, China's coal production reached 2.67 billion tons, up 3.60% from the same period in 2022.Image source: Dominik Vanyi/UnspalshSource:https://dataindonesia.id/bursa-keuangan/detail/volume-produksi-di-china-terbatas-harga-batu-bara-menguat

PT Freeport Indonesia (PTFI) has successfully completed the progress of the copper smelter construction project in SEZ Gresik, until the end of this year December 2023 it is targeted to have completed the smelter production utility. As of June 2023 it has reached 74.07%.Yoga Ameliasari Construction Manager of the Freeport Gresik Smelter said, with the existing progress, plus the targets that have been achieved, he is optimistic that the smelter in SEZ Gresik will be completed and operational in May 2024."The operation target is based on the Gresik Smelter project which will achieve 100 percent construction by the end of 2023. Then, it will proceed to the soft commissioning phase and ramp up operations in June 2024," said Yoga Ameliasari Construction Manager Smelter Freeport Gresik, in Surabaya, Tuesday (8 /8).According to him, if you look at the S-Curve plan for the completion of the smelter construction approved by the government, the Manyar Smelter project is planned to be completed 52.9 percent in January 2023. That way, this achievement exceeds the set target."The total cumulative costs reached US$ 2.4 billion or around Rp 36 trillion. The piling work, which totaled nearly 18,000 piles, has been 100 percent completed, the smelter concrete concrete work is 74 percent, or 171,000 m3, the steel installation at the smelter is 48 percent, the equipment installation is 39 percent, and the port construction has reached 100 percent," he said. said Yoga accompanied by Kery Yarangga, Manager of External Communications Corporate Communications of PT Freeport Indonesia.In the same place Sari Esayanti, PTFI Superintend External Communications said, the Manyar smelter processing will be added to the processing capacity of the smelter that is already operating, namely PT Smelting with a processing capacity of 1 million tons of copper concentrate every year. And the plan is to add 300 thousand tons to the ongoing production development."Thus, after the Manyar smelter is operational, Freeport will be able to process 3 million tons of copper concentrate per year," said Santi, Sari Esayanti's nickname with Katri Kisnati, PT Freeport Indonesia's VP Communication.Yoga Ameliasari Construction Manager of the Freeport Gresik Smelter, during a socialization at the Mind media event in Surabaya, Tuesday (8/8). (Ist/doc)Katri added, the Gresik Smelter will produce cathode copper of 550 thousand tons per year. The smelter is also equipped with gold and silver purification.Furthermore, the largest single line smelter in the world is claimed to be able to absorb up to 1.7 million tonnes of copper concentrate per year. Then, the resulting copper cathode product can reach 600,000 tons per year.Not only producing a copper cathode, the smelter will also produce other by-products, starting from the products contained in the anode mud, namely 6,000 tons of pure gold and silver per year, 1.5 million tons of sulfuric acid per year, 1,000 tons of copper slag, 3 million tons per year, and 150,000 tons of gypsum per year.Later, the total smelter concentrate processing capacity in 2024 will reach 3 million dmt/year. The copper factory owned by PT Freeport Indonesia (PTFI) has absorbed 150,000 workers at the new smelter. With details as much as 98 percent are Indonesian workers and 50 percent of them are local workers from East Java which includes smelter construction workers, PMR, and the expansion of PT Smelting.Furthermore, with the combined capacities of the New Smelter and Smelting Gresik, PT Freeport Indonesia's concentrate has been processed 100 percent domestically.Image source: Kilasjatim.com/dokSource: https://kilasjatim.com/freeport-indonesia-target-akhir-desember-2023-selesaikan-pembangunan-utilitas-smelter-tembaga-di-kek-gresik/

PT Merdeka Battery Materials Tbk ( MBMA ) is exploring further downstream development of nickel, namely to the anode and cathode. GM External Affairs of PT Merdeka Battery Materials, Muhammad Toha, revealed that currently his party is collaborating with a number of partners to build anode and cathode projects in Indonesia. "But this plan is still in the stage of further discussion, hopefully it can continue our project to produce anodes and cathodes," he said in the downstream Mineral Sector Investment Opportunity webinar, Monday (14/8). That way, he hopes, the electric car battery ecosystem developed in Indonesia can be fully realized. The MBMA plan considers the consumption of nickel for electric vehicle batteries which will increase significantly in 2040. Toha stated that currently most of the nickel products are absorbed to produce stainless steel. However, in the future there will be a significant shift due to the use of electric cars. In 2040 the use of electric car batteries is very significant where their contribution can reach 30% of the world's total use of nickel. Meanwhile, in 2020, the world's absorption of nickel for the battery industry will only reach 3%. "This is what causes us to be so intense and believe that the nickel industry with HPAL technology will be very attractive in the future. The existence of electric cars will encourage MBM to become one of the suppliers of raw materials for EV batteries in the future," he explained. Toha stated, the development of the HPAL smelter is also in line with the amount of MBMA's nickel ore reserves which are still abundant. MBMA's assets are strategically located in Central Sulawesi and Southeast Sulawesi which are the raw material centers for Indonesian electric car batteries. At the Sulawesi Cahaya Minerals (SCM) mine, the mineral resources there reach 1.1 billion dmt containing 13.8 million tonnes of nickel (77% limonite) and 1 million tonnes of cobalt. With this huge composition and reserves, Toha stated, MBMA is developing an integrated processing plant that will process nickel ore reserves using Rottary Klin Electric Furnace (RKEF) and HPAL technology. Launching its presentation material, MBMA is currently developing two HPAL plants with a combined capacity of 240,000 tonnes per year of which the phase 1a plant will have a capacity of 60,000 tonnes per year. Toha said, MBMA's nickel reserves, which are mostly limonite or low grade, are a blessing in itself. This is because this limonite will contribute a lot to the development of the HPAL smelter in the future. Apart from developing HPAL, currently MBMA has operated two RKEF factories. The third RKEF factory has completed the commissioning stage and is entering the production stage. Not only that, MBMA is also developing a conversion plant where nickel pig iron (NPI) will be processed or converted into nickel matte. The purpose of this conversion is to raise the NPI nickel content from the previous 10% -12% to above 70%. "Of course there is an increase in added value by converting BOP to nickel matte," he explained. Image source: Dok/ PT Merdeka Battery Materials Tbk (MBMA)Source: https://industri.kontan.co.id/news/merdeka-battery-materials-mbma-jajaki-produksi-anoda-dan-katoda-di-indonesia

President Joko Widodo (Jokowi) again called for stopping exports of raw mineral materials from Indonesia, one of which was nickel exports since 2020."Investment for downstream nickel is growing rapidly, now there are 43 nickel processing factories which will open up huge job opportunities. This is only 1 commodity," Jokowi said in his speech at the Annual Session of the MPR RI, the Joint Session of the DPR RI - DPD RI, which was broadcast live online on Wednesday, August 16, 2023.Jokowi explained that this could be achieved with Indonesia being consistent and capable of downstreaming nickel, copper, bauxite, CPO and seaweed.The president also showed off his forecast calculations in 10 years, which show Indonesia's per capita income will reach IDR 153 million (USD 10,900)."In 15 years, our per capita income will reach Rp. 217 million (USD 15,800). And in 22 years, our per capita income will reach Rp. 331 million (USD 25,000). As a comparison, in 2022 yesterday, we were at Rp. 71 million," Jokowi detailed.This means that in 10 years the jump can be more than 2 times, where the foundations to reach it all have started, the development of infrastructure and connectivity which will ultimately increase Indonesia's competitiveness."Based on the International Institute for Management Development (IMD), our competitiveness in 2022 will increase from rank 44 to 34. This is the highest increase in the world," said Jokowi during a speech at the Annual Session of the MPR, DPR and DPD RI.Image source: Youtube DPR RISource: https://www.liputan6.com/bisnis/read/5371827/jokowi-pamer-hilirisasi-nikel-di-sidang-tahunan-43-pabrik-siap-genjot-produksi

PT Trimegah Bangun Persada Tbk ( NCKL ) confirmed that the plan to build a stainless steel smelter will be included in the NCKL pipeline project on Obi Island.The construction of the smelter is to absorb ferronickel production produced by NCKL. The smelter also aims to process ferronickel products and sell them to the domestic market."Hopefully this pipeline can run smoothly and can be executed in the not too distant future. This really takes time because the investment value is quite large,” said Roy Arman Arfandy, Main Director of NCKL in an online discussion with Stockbit Sekuritas, Friday (11/8).However, Roy did not elaborate further on the investment value of the construction of the stainless steel smelter.In terms of performance, NCKL continues to increase production capacity. Currently, NCKL is starting the process of leaning up a second smelter run by PT Halmahera Jaya Feronikel with an installed capacity of around 95,000 tons.Considering that it is still in the process of leaning up, Ray estimates that this year's total production will only be 90,000 tons, coming from Megah Surya Pertiwi (MSP) which has a production capacity of 25,000 tons and PT Halmahera Jaya Feronikel (HJF) of 65,000 tons."This is also a significant jump because ferronickel production in 2022 is only 25,000 tons coming from MSP. This year there is an additional 65,000 tons from HJF," continued Roy.So, next year, NCKL's ferronickel production will grow. This is because next year HJF will have finished the rumping up process and will reach full capacity of 95,000 tonnes. Thus, NCKL's ferronickel production capacity next year will reach 120,000 tons, which is an increase of 30% from 2023.In 2025, the third smelter run by PT Karunia Permai Sentosa (KPS) which has a capacity of 185,000 tons will operate. Thus, when KPS production reaches full capacity, NCKL's ferronickel production will reach 305,000 tons."This is a significant step that will drive our business growth because there is an increase in ferronickel production," concluded RoyLater, the ferronickel product from the third smelter is expected to be further processed for derivative products such as stainless steel.As of the first semester of 2023, NCKL's revenue increased 88.74% on an annual basis or year-on-year (YoY) to IDR 10.24 trillion in the first semester of 2023. Previously, NCKL's consolidated revenue amounted to IDR 5.42 trillion in the first semester of 2022 .The increase in revenue is in line with the increase in sales volume. The High Pressure Acid Leach (HPAL) refinery production line recorded a sales increase of 22% to 23,969 tons of nickel content.This issuer affiliated with the Harita Group also posted a 171% increase in ferronickel sales volume to 37,756 tons from the original 13,910 tons in the first half of 2022.At the same time, the increase in NCKL's revenue was also accompanied by an increase in expenses in a number of expense items. Cost of goods sold, for example, rose 177.41% yoy to IDR 6.74 trillion in the first half of 2023.The increase in expenses was also seen in selling, general and administrative expenses which rose 89.62% to Rp 752.22 billion. Financial costs rose 186.62% to IDR 285.33 billion in the first half of 2023.Thus, profit for the period attributable to owners of the parent entity, aka NCKL's net profit, fell 14.65% from IDR 3.21 trillion in the first semester of 2022 to IDR 2.74 trillion in the first semester of 2023.Image source: Dok/NCKLSource: https://industri.kontan.co.id/news/smelter-stainless-steel-masuk-dalam-pipeline-proyek-trimegah-bangun-nckl

Pyx Resources Limited (LON:PYX) (NSX:PYX), the third largest publicly listed zircon producing mining company globally by zircon resources, is pleased to announce that it has received approval to extract and process 48kt of Premium Zircon during 2023 from its second deposit - Tisma.The receipt of the Tisma RKAB - Rencana Kegiatan dan Anggaran Biaya 2023 (Work Plan and Budget) approval by the Energy and Resource Service Department from the Government of the Province of Central Kalimantan, is an important milestone in the Company's growth as it expands its ability to produce Minerals Sands from Tisma, which was acquired in January 2021.The 2023 Tisma RKAB Work Plan and Budget includes:- Mining operations- Processing and refining- Marketing and shipping- Environment- Mining safety- Training; and- Community development and empowerment.The receipt of the Budget and Work Plan go-ahead follows the February 2023 granting of an approval for subsidiary PT. Tisma Global Nusantara's (PT TGN) licence for the Tisma tenement for the maximum authorised period of 10 years.At the end of the 10 years the license can be renewed for additional periods, allowing PT TGN to continue to perform exploration and mining works in the tenement area.Background on TismaPYX Resources acquired the Tisma asset in January 2021 when it entered into a Share Purchase Agreement (SPA) with the shareholders of Tisma Development (HK) Ltd to acquire 100% of its shares.The Tisma project is a licenced concession covering an area of 1,500 hectares in Central Kalimantan, Indonesia, approximately 50km northwest from the regional capital Palangkaraya. The Company is devoted to the exploration of mineral sands products and the production and export of premium 65.5 grade zircon.The project has 137 million tonnes of JORC complaint inferred resources with 4% heavy mineral, containing approximately 4.5 million tonnes of zircon in combination with valuable by-products including gold and titanium minerals (rutile and ilmenite).The terms of the recently renewed permit includes payment of Indonesian taxes and the honouring of other financial obligations of PYX's subsidiary PT Global Nusantara.A summary of some of the key provisions includes:- Royalty on Zircon exported of 1.5%- Fixed rent is payable to the Government of Indonesia at a rate of US$4 per hectare per annum- Corporate tax of 22% is payable and set by the Government of Indonesia- Land and building taxes are payable to the local government, at a rate of 0.5% based on taxable sales value- Environmental obligations, including reclamation bonding and plans, approved by the local government as part of the mine approval process.Commenting on the receipt of approval for the Budget and Work Plan for 2023, PYX Resources' Chairman and Chief Executive Officer, Oliver B. Hasler, said:"Firstly, I want to personally thank the Energy and Resource Service Department from the Government of the Province of Central Kalimantan for their dedication and work on our Work Plan and Budget submission."Tisma is an important asset in our portfolio and its significant zircon, rutile and ilmenite reserves have the potential to significantly increase our production levels. This will in turn, have a positive effect on our earnings and export income in future years benefiting PYX stakeholders, including the local region and Indonesia as a whole."The PYX team remains dedicated and committed to playing an important role in the further development of Indonesia's resources industry and supporting the local communities financially, strategically and sustainably."About Pyx Resources Limited:PYX Resources Limited (NSX:PYX) (LON:PYX) is a global producer of premium zircon listed on the National Stock Exchange of Australia and the London Stock Exchange. The Company's flagship asset is the Mandiri mineral sands deposit, located in the alluvium sediment rich region of Central Kalimantan, Indonesia. Boasting the world's 5th largest producing deposit of zircon, PYX is a large-scale, near-surface open pit operation in production since 2015 and with exploration to date validating the presence of additional Valuable Heavy Minerals such as rutile, ilmenite among others within its mineral sands.Image source: https://pyxresources.com/Source: https://www.marketscreener.com/quote/stock/PYX-RESOURCES-LIMITED-120976305/news/Pyx-Resources-Limited-Approval-for-Tisma-s-Yearly-Extraction-Processing-44612396/