Ferrexpo lifts first-half production by 5% y/y
Swiss-based Ferrexpo increased its iron-ore pellet production for the second quarter by 11% quarter-on-quarter to 2.8-million tonnes.
Half-year production was up 5% year-on-year to 5.4-million tonnes.
The group remains on track to meet its full-year production guidance of 10.6-million tonnes.
Ferrexpo noted in a trading update published on Friday that first-half sales volumes were expected to increase by about 4% year-on-year to five-million tonnes.
It pointed out that it had, during the first six months of this year, continued to generate strong cash flow, owing to a 29% year-on-year increase in the average received price, reflecting stronger iron-ore prices and premiums.
The average cash cost of production in the first half is expected to be around $46/t compared with $43/t in the first half of 2018 – primarily owing to Ukrainian inflation and the strong Ukrainian hryvnia against the dollar.
Net debt as at June 30, was about $277-million, down from $339-million as at December 31, 2018.
The group's cash balance is around $90-million and it has undrawn debt facilities amounting to $40-million.
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