Ferrexpo's second-quarter output jumps

6th July 2023

By: Reuters


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Ukraine-focused miner Ferrexpo posted an 18% jump in second-quarter production from the previous quarter, buoyed by stable production from first pelletiser line and initial contribution from second line after resumption in February.

The London-listed company on Thursday reported a total iron-ore pellet production of 1.066-million metric tons for its second quarter, compared with 900 000 metric tons in the first quarter.

The Swiss company's production nearly halved in 2022 as logistics and supply constraints, interrupted power supply, soaring inflation, displaced workforce and wrecked infrastructure impacted its operation.

First-half production of 1.9 million metric tons was a staggering 60% lower than 4.8-million metric tons a year earlier.

"Logistics, however, remain constrained, and whilst we now have the capacity to produce more, currently we do not have sufficient availability at alternative Black Sea ports to export more," said interim executive chair Lucio Genovese in a statement.

The London-listed company, which produces premium iron ore pellets, also reported a 45% rise in its sales on a quarter-on-quarter basis in the second quarter.

Edited by Reuters


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