RE: Im Out27 Jan 2026 14:44
Mining’s Substack (27/01/2026)
BREAKING NEWS!
PT INVESTASI MANDIRI is PYX Resources' Indonesian subsidiary.
The Allegation is Specific and Grave: The Central Kalimantan High Prosecutor's Office is investigating "alleged corruption in the sale and export" of mineral sands by PT Investasi Mandiri (PT IM), a key operating subsidiary of PYX Resources. This is not a general regulatory review; it is a criminal corruption probe.
PYX Personnel Are Named Suspects: The President Director of PT IM (HS) and an employee of PT IM (ETS) have been formally named as suspects. This brings the investigation directly into PYX's operational management.
Core Operational Model is Under Attack: The prosecutor's central claim strikes at the heart of PYX's reported production. They allege PT IM did not mine all its product from its licensed concession (IUP area). Instead, it is suspected of purchasing ore from community miners and then using its RKAB Approval as cover to legally export this material. This calls into question the legitimacy of the company's entire sales and export volume from 2020–2025.
The Stakes Are Extremely High: Estimated state losses are Rp 1.3 trillion (~$84 million USD). This is a "mega corruption" case in their words. Refunds of over Rp 2.1 billion have already been made to the state, indicating the process is advancing and money is being clawed back.
The RKAB is Central to the Allegation: The notice states there were "irregularities in the issuance of the RKAB Approval" which PT IM "misused." This directly ties the company's fundamental operating permit to the alleged criminal activity.
POSSIBLE IMPLICATIONS FOR PYX RESOURCES:
Immediate & Catastrophic for RKAB Prospects: Any hope of a near-term 2026 RKAB approval for PT Investasi Mandiri is now almost certainly dead.
The permit at the center of a "mega corruption" probe will not be renewed while its previous issuance is under criminal investigation. The new 8-day automated rule is irrelevant if the underlying application is frozen by a prosecutor.
Existential Threat to the Mandiri Asset: The subsidiary holding the mining permit for the flagship Mandiri deposit is at the center of this. The permit itself (IUP) could be subject to revocation if corruption is proven in its use or associated approvals. This is no longer a bureaucratic delay; it's a fight for the asset's legal survival.
Financial & Liability Risk: The scale of alleged losses suggests potential for massive fines, asset seizures, or civil claims against PT IM and, by extension, its parent company PYX Resources. The refunds already happening signal financial outflows have begun.
Reputational: PYX is now associated in official statements with a "mega corruption" case. This will terrify any potential partners, financiers, or offtakers. The London and Sydney listings will face severe scrutiny.
Management Crisis: With the President Director of PT IM a named suspect, PYX's operational leader
Sign In
Follow the stocks
