Watson Farley & Williams (“WFW”) has advised VSA Capital Limited (“VSA”) in its capacity as sole financial adviser and broker in connection with the proposed admission of the shares of Pyx Resources Limited (“Pyx”) to the standard listing segment of the Official List of the Financial Conduct Authority (the “FCA”) and to trading on the Main Market of the London Stock Exchange (”LSE”) through a secondary listing. Admission is expected to occur on 15 November 2021.
Pyx has been listed on the National Stock Exchange of Australia, which will remain its primary listing, since February 2020. The secondary listing prospectus was approved by the FCA and published by Pyx on 8 November 2021.
Pyx is a major global producer of premium grade zircon. Its key licences are the Mandiri and Tisma mining projects, both located in the alluvium-rich region of Central Kalimantan, Indonesia. Mandiri is a large-scale near surface open pit operation which has been in production since 2015, whilst Tisma was recently acquired in February 2021. Pyx’s ambition is to scale its production of premium grade zircon by developing Tisma to meet heightened market demand which has arisen as result of the current lack of global zircon resources.
The WFW London Mining and Commodities team which advised VSA was led by Global Mining and Commodities Sector Head and Corporate Partner Jan Mellmann, supported by Associate Clementine Freeth.
Jan commented: “We were delighted to assist VSA on this transaction, which represents an exciting next step for Pyx. That VSA chose us to assist once again highlights WFW’s reputation as a leading law firm for equity capital market transactions in the mining and commodities sector”.
Andrew Raca, VSA’s Head of Corporate Finance, commented: “We chose Jan and his team to help us navigate a series of challenging legal complexities on this transaction. We chose wisely”.