Ferrexpo PLC AGM Statement (7528H)
22 Mai 2014 - 8:01AM
UK Regulatory
TIDMFXPO
RNS Number : 7528H
Ferrexpo PLC
22 May 2014
22 May 2014
Ferrexpo plc.
AGM Statement
At today's Annual General Meeting, and further to the Interim
Management Statement released on 17 April 2014, the Non-executive
Chairman Michael Abrahams will make the following statement.
Ferrexpo's operations continue to be unaffected by recent events
in Ukraine. Both production and shipment of pellets have been in
line with expectations, and costs have continued to reduce,
benefiting from improved efficiency and a weaker local
currency.
A second flotation plant was successfully commissioned in 1Q
2014 and the capital investment programme remains on track to
increase output to a run rate of 12 million tonnes of pellets per
annum.
Ukrainian VAT was refunded normally in April and the government
has expressed its intention to issue bonds for outstanding VAT in
local currency. As at the exchange rate at the end of April,
Ferrexpo is expected to qualify to receive bonds with a face value
of US$117 million in the coming months. This amounts to 53% of the
total balance outstanding in Ukraine as at 30(th) April 2014, with
the remainder relating to current VAT or amounts presently in the
court process.
For further information, please contact:
Ferrexpo:
Rob Simmons +44 20 7389 8300
Maitland:
Peter Ogden +44 207 379 5151
Liz Morley
Notes to Editors:
Ferrexpo plc ('Ferrexpo' or the 'Group') is a Swiss
headquartered iron ore company with assets in Ukraine. It has been
mining, processing and selling high quality iron ore pellets to the
global steel industry for over 35 years. Ferrexpo's resource base
is one of the largest iron ore deposits in the world. The Group is
the 5(th) largest supplier of pellets to the global steel industry
and the largest exporter of pellets from the CIS. In 2013, it
produced 10.8 million tonnes of pellets, a 12% increase compared to
2012. Ferrexpo has a diversified customer base supplying steel
mills in Austria, Slovakia, the Czech Republic, Germany and other
European states, as well as in China, India, Japan, Taiwan and
South Korea. Ferrexpo is listed on the main market of the London
Stock Exchange 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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