By Joe Hoppe


Pyx Resources Ltd. said Monday that it has started production and sales of natural ilmenite from its Mandiri deposit in Central Kalimantan, Indonesia.

The Indonesia-focused miner said ilmenite is an important mineral for the production of titanium, as it produces synthetic rutile for feedstocks to produce a titanium dioxide pigment.

The Australian government has identified ilmenite as a critical mineral for the economic well-being of the world's major and emerging economies, though supply might be at risk, the company said. Titanium feedstock production represents an approximately US$4.5 billion a year industry, it said.

"Together with our premium zircon, rutile and ilmenite we will better serve our customers around the world and have an important impact to our profitability," Chairman and Chief Executive Oliver Hasler said.

Shares in London at 0901 GMT were up 4.6 pence, or 7.5%, at 65.6 pence.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

06-27-22 0525ET