- Ferrexpo
- 09 March 2026 10:23:14
Source: Sharecast
The London-listed company said production had resumed at its Ferrexpo Poltava Mining (FPM) operation following the suspension announced on 20 January, after improvements in the availability and cost of both domestic and imported electricity supplies.
One pellet line was currently operating, with the group using its own fleet of rail wagons to export iron ore pellets to customers across Eastern and Central Europe.
Lucio Genovese, Ferrexpo’s interim executive chair, said the restart reflected the firm;s ability to continue operating despite the ongoing disruption caused by attacks on Ukraine’s energy infrastructure.
“It is pleasing that with the onset of spring in Ukraine, we have been able to restart our operations and produce and export our premium iron ore products,” he said.
“Following intense attacks on Ukrainian power generation and transmission infrastructure, we are grateful for the hard work across the country that has enabled repairs to be completed quickly.
“I am also grateful to colleagues who have worked tirelessly to restart the operations of one pelletiser line.
“This demonstrates, once again, our ability to be flexible and agile in a very challenging environment.”
Separately, the company provided an update on its Swiss subsidiary, Ferrexpo AG, after one of its banking partners, MBaer Merchant Bank AG, had its licence revoked and was ordered to liquidate by Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority.
Ferrexpo said Ferrexpo AG holds around $3m with MBaer, representing part of the group’s net cash resources of approximately $30m as of 27 February.
According to statements from the bank’s liquidators, sufficient assets were available to repay all clients and creditors in full, and Ferrexpo currently expected to recover its deposit entirely, although the timing remained uncertain.
The company said the bank’s closure did not affect its relationships with other banking partners and was not expected to have a material impact on its Ukrainian operating subsidiaries.
However, Ferrexpo noted that while it had been able to make some payments outside Ukraine despite the liquidation of MBaer, its ability to do so was currently limited.
Management said it was exploring alternative banking arrangements for Ferrexpo AG, though discussions were complicated by issues related to one of the beneficiaries of The Minco Trust, which owns Fevamotinico.
The company warned that unless alternative banking arrangements outside Ukraine could be secured, there was a risk of material negative consequences for the group.
Ferrexpo said it would provide further updates when appropriate.
At 0952 GMT, shares in Ferrexpo were down 2.19% at 49.2p.
Reporting by Josh White for Sharecast.com.