FXPO Ferrexpo Plc

Ferrexpo PLC (FXPO.LN), a Swiss headquartered resources company with assets in Ukraine, Thursday reported record production levels for the period July 1 to Nov. 10 and said the board has approved $647 million of capital expenditure.

MAIN FACTS:

-Very strong cash flow generation; C1 cash costs in-line with expectations

-To restart the development of the Yeristovo mine and accelerate investment in the existing mine to improve product quality and increase output.

-Net debt as of Oct. 31, reduced $97 million to $160 million compared with $257 million at June 30; decrease due to higher profitability and the receipt and part sale of VAT bonds.

-At Oct. 31, Group held cash amounting to $253 million.

-Total pellet production in Q3 increased 0.5% to 2,560kt, an increase from record production levels in Q2.

-Production of own ore increased 0.9% to 2,300kt over the period.

-Year to date, including production in October 2010, total pellet production has increased 15.7% to 8,336kt compared with 2009; production of 65% and 62% Fe pellets has increased 15.7% and 15.8% respectively.

-Production in October was the highest monthly production of 65% Fe pellets on record while total production in September was the highest since 1987.

-Sales, pricing sales volumes were 2,499 kt in Q3, in line with Q2 (2,512 kt).

-Ferrexpo has agreed a number of different pricing arrangements with its customers including quarterly and six month pricing agreements.

-Ferrexpo has long term contracts in place for 90% of its own output, with the remainder comprising trial cargoes to prospective new long term customers.

-Progressing well with development projects which had largely been on hold since October 2008.

-Group will remain focused on enhancing cash flows to support growth projects.

-Shares closed Wednesday at 357.4 pence valuing the company at GBP2.1 billion.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com

Ferrexpo (LSE:FXPO)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Ferrexpo (LSE:FXPO)
Historical Stock Chart
Von Jul 2023 bis Jul 2024