Q1 Production Report
18 April 2008 - 9:00AM
UK Regulatory
RNS Number:6098S
Ferrexpo PLC
18 April 2008
18 April 2008
Ferrexpo plc
Production for Q1 2008
Production in Q1 Q4 Change Q1 Change YTD YTD Change
Tonnes '000 2008 2007 % 2007 % 2008 2007 %
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Iron Ore 7,131.5 7,182.8 (0.7) 7,140.2 (0.1) 7,131.5 7,140.2 (0.1)
Concentrate 2,695.0 2,663.6 1.2 2,625.2 2.7 2,695.0 2,625.2 2.7
Pellets from produced
raw materials 2,232.7 2,158.8 3.4 2,217.3 0.7 2,232.7 2,217.3 0.7
62% Fe 1,279.4 1,191.1 7.4 1,404.2 (8.9) 1,279.4 1,404.2 (8.9)
65% Fe 953.3 967.7 (1.5) 813.1 17.2 953.3 813.1 17.2
Pellets Total 2,268.2 2,189.0 3.6 2,328.6 (2.6) 2,268.2 2,328.6 (2.6)
62% Fe 1,314.9 1,221.3 7.7 1,515.5 (13.2) 1,314.9 1,515.5 (13.2)
65% Fe 953.3 967.7 (1.5) 813.1 17.2 953.3 813.1 17.2
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Highlights
> Production in Q1 2008 continues at the high levels established in 2007
> Total pellet output in Q1 2008 increased by 3.6% compared to the
previous quarter, with output of pellets from own mined ore up 3.4%
> Prices for purchased concentrate remain high, and accordingly focus
remains on production of pellets from own mined ore
> Further product quality improvements in Q1 2008, with production of
higher quality (65% Fe) pellets up 17% versus the equivalent quarter in 2007
> Emphasis placed on mining higher grade ore to facilitate increased
pellet quality
> Higher grade ore output in Q1 2008 increased by 4% compared to Q4 2007
> Stripping volumes increased by 13% in Q1 2008 compared to the
equivalent period in 2007, facilitating future iron ore production growth
> Operational efficiency improvements continued, driven by the ongoing
Business Improvement Programme
> Ukrainian PPI cost inflation in the first quarter amounted to 12.2%
> Average achieved price on a DAF/FOB basis for Q1 2008 rose by 5.7%
compared to FY 2007
Viktor Lotous, Chief Operating Officer of Ferrexpo, stated:
"I am pleased to report that Ferrexpo continues to produce at the same high
levels seen last year. The Company is facing cost inflation in Ukraine in 2008,
as well as the impact of higher prices for steel-based inputs and diesel fuel in
particular. The implementation of further process and efficiency improvement
initiatives will continue to help us manage our input costs effectively and
mitigate inflationary pressures, to achieve our ambitious production targets and
improve our product quality. Our project to expand and extend our GPL mine is on
schedule and within budget, and progress has been excellent. We expect to see
increased mining volumes as a result of this project from 2009."
For further information, please contact:
Ferrexpo: +44 207 389 8304
Gavin Mackay
Finsbury: +44 207 251 3801
Robin Walker
Alex Simmons
Ferrexpo Poltava Mining (Ukraine): +38 053 4874390
Alexander Dovgalev
Notes to Editors:
Ferrexpo is a Swiss headquartered resources company with assets in Ukraine,
principally involved in the production and export of iron ore pellets, used in
producing steel. Current output is over 9 million tonnes, approximately 85% of
which is exported to steelmakers around the world. The Group is currently
undertaking a significant growth programme and listed on the main market of the
London Stock Exchange in June 2007 under the ticker FXPO. For further
information please visit www.ferrexpo.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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