PYX Resources (PYX) has become a dual listed company to boost its development plans.
The world’s second largest publicly traded zircon producer has now joined the London Stock Exchange’s (LSE) main market.
Its primary listing will remain the National Stock Exchange of Australia (NSX).
The company will enter LSE with a market capitalisation of £349.2m, with JORC approved resources of 263.5Mt according to last year’s financial results.
Zircon is a mineral and a key source of zirconium.
It is also used in electronics, semiconductors, solar and fuel cells, ceramics, fibre optics and energy power generation.
Shares are trading at 99.5p at 1137 GMT.
The transition metal’s provenance in key technologies means the company could benefit from the UK’s embrace of renewable energy.
The country is pushing to reach net zero carbon emissions by 2050.
The global zirconium market has an estimated valued of $1.8bn in 2020 with an expected annual growth rate during 2021-2026 of over five per cent.
Other zircon producers in the market include Rio Tinto and Kenmare Resources.
Due to tightening supply, PYX has announced four price increases since January 2021 – rising by $910 per tonne to $2,305 per tonne in September 2021.
Oliver B. Hasler, chairman & CEO of PYX Resources said: “The dual listing will give investors, existing shareholders, and the public a global access to participate in the growth and future potential of PYX Resources. We look forward to proactively engaging with the London market.”