Ukraine-focused miner Ferrexpo said on Friday it was delaying a decision on paying interim dividend and pausing projects that are not expected to deliver near-term growth in the wake of Russia's invasion of the country.
Shares of the London-listed group rose as much as 5.5% to 184.5p in early trade, after Ferrexpo said its operations were ongoing and exports to Europe were continuing amid what Russia calls a "special military operation".
The miner, which makes iron ore pellets used in the steel industry, has all its operations in Ukraine but away from the main conflict zones.
Earlier this month, Ferrexpo said it was reviewing alternative methods of delivery of its products to sea-borne markets, as the port where its berth is located remained closed but delivery to European customers via rail and barge continued.
Driven by the strong demand for high-grade iron ore, Ferrexpo reported revenue jumped 48% to $2.5 billion in the year ended December 31.