PYX Resources Limited: Signs Binding Zircon Offtake Agreement
29.11.2020 | ABN Newswire
Sydney, Australia - PYX Resources Ltd. (NSX:PYX) is pleased to announce that it has entered into its second binding Offtake Agreement, this time with Taiwan-incorporated Euronics Inc. - a leading distributor of zircon sand grade 65.5% to Taiwan and the People's Republic of China (PRC).Euronics sells zircon, kaolin, palm oil, among other products, becoming a leading trading company into China, Japan and India.
The Offtake Agreement is for a committed quantity of 4,000 tons of zircon product per annum for two years.
Commenting on sealing the Offtake Agreement with Euronics Inc., PYX's Chairman and Chief Executive Officer, Oliver Hasler, said: "Being able to conclude another valuable Offtake Agreement with a well-respected and established global zircon specialist represents a tremendous accomplishment for the Company and our shareholders within months following our listing on the NSX. I am particularly pleased with the deal with Euronics, since they have been our valued partner since early 2018."
The Company recently announced the signing of a separate binding Offtake Agreement with China's Qingyuan Jinsheng ZR & TI Resources Co. Ltd. for a total of 6,000 tons of premium zircon also over two years (refer NSX announcement dated 21 July 2020).
PYX will supply the premium-quality zircon required from its world-class Mandiri asset in Indonesia.
Under the terms of the latest Offtake Agreement with Euronics, PYX will deliver the product to a Port in China, as requested by the buyer. Orders shall be placed by the buyer and accepted by the seller 60 days before each delivery.
Pricing under the Offtake Agreement shall be the prevailing market price in U.S. dollar for zircon.
The execution of this second Offtake Agreement builds on PYX's commitment to rapidly grow the Company and increase its production and global sales capacity. PYX has customers all over the world, including Indonesia, Taiwan, China, India, France, UK, France, Germany, Spain and Mexico.
The negotiation of the Offtake Agreement was overseen by the Company's Chairman and Chief Executive Officer, Oliver Hasler, who mentioned: "This second Offtake Agreement adds momentum to our plans to speedily expand our processing capacity at Mandiri and to increase our sales volume to customers around the world."
About Euronics Inc.
Euronics Inc. ("Euronics") is located in Taipei, Taiwan. Established in 1993 as a consulting and engineering firm for lightning solutions for mining industries in Europe. In 2003, the company changed its focus into machinery and equipment for the mining industry in Southern Asia, China and Africa. Euronics sells zircon, kaolin, palm oil, among other products, becoming a leading trading company into China, Japan and India. Euronics is focused on meeting the highest requirements of customers through a high standard of quality control.
About Pyx Resources Limited:
PYX Resources Ltd. (NSX:PYX) is a global producer of premium zircon listed on the National Stock Exchange of Australia. 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.
Source: PYX Resources Ltd.
Contact:
PYX Resources Ltd.
T: +61 2 8823 3132
www.pyxresources.com