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Ferrexpo halts Ukraine iron ore and pellet production after attacks
Ferrexpo said net accessible cash resources would be sufficient until mid-September, and restarting depends on additional working capital.
Ferrexpo has halted iron ore production in Ukraine after Russian attacks restricted its Black Sea export routes, leaving the miner reliant on fresh funding to restart operations. The stoppage covers its mines and pellet plant beside Horishni Plavni, about 280 km southeast of Kyiv, according to a regulatory filing Tuesday.
The company said it can still supply European steelmakers from stockpiles, but a restart depends in part on more working capital. Ferrexpo added that, in the absence of additional funding, its net accessible cash resources are expected to last until mid-September.
Ferrexpo said Trading in its London shares has been suspended since May 1 at 28.58 pence, after it missed a deadline to publish audited 2025 accounts. It also said the missed accounts were tied to not having enough funding to finish preparations and demonstrate the business could keep operating.
The filing also described disruption from attacks around Ukrainian ports, including Russian drone strikes on a third-party vessel in Black Sea waters carrying Ferrexpo pellets. The ship held 55,000 tonnes of direct-reduction-grade pellets bound for Middle Eastern customers, and Ferrexpo said it has not determined the condition of the cargo. The company previously estimated production and delivery costs for the related inventory of about 189,000 tonnes of pellets at roughly $20 million and said canceled bookings derailed plans to boost Black Sea shipments to the Middle East in the second half.