Ferrexpo PLC Third Quarter 2014 Production and Trading Update (5959T)
07 Oktober 2014 - 8:00AM
UK Regulatory
TIDMFXPO
RNS Number : 5959T
Ferrexpo PLC
07 October 2014
7 October 2014
Ferrexpo plc
Third Quarter 2014 Production and Trading Update
Ferrexpo plc ("Ferrexpo", the "Company" or the "Group") today
issues the following trading statement for the third quarter of
2014.
Production
For the nine months ended 30 September 2014, pellet production
from own ore was approximately 8.1 million tonnes. This represented
an increase of 3.7% compared to the same period in 2013. Total
pellet production year to date, including third party materials,
was 8.3 million, an increase of 2.6% compared to the same period in
2013. Total production of 65% Fe pellets increased by 10.2%
compared to 2013 to 4.1 million tonnes. As previously reported,
production was constrained in the second quarter due to a scheduled
refurbishment of pellet line number 3.
Monthly pellet production in the third quarter increased
compared to the first half of the year and reached 975 thousand
tonnes in September.
Production in Tonnes
'000 Q3 2014 Q2 2014 Change 9M 9M Change
----------------------------------- --------- ---------
% 2014 2013 %
---------------------------------- --------- --------- -------- --------- --------- -------
Pellets from FPM Ore 1,993.51 1,651.51 20.7 5,652.46 6,362.04 (11.2)
62% Fe 537.71 865.83 (37.9) 2,531.68 3,309.04 (23.5)
65% Fe 1,455.80 785.68 85.3 3,120.78 3,053.00 2.2
---------------------------------- --------- --------- -------- --------- --------- -------
Pellets from FYM ore 846.37 847.23 (0.1) 2,400.29 1,404.31 70.9
62% Fe 846.37 413.57 104.6 1,594.30 957.46 66.5
65% Fe 0.00 433.66 (100.0) 805.99 446.85 80.4
---------------------------------- --------- --------- -------- --------- --------- -------
Pellet production from
own ore 2,839.88 2,498.74 13.7 8,052.75 7,766.34 3.7
62% Fe 1,384.08 1,279.40 8.2 4,125.98 4,266.50 (3.3)
65% Fe 1,455.80 1,219.34 19.4 3,926.78 3,499.84 12.2
---------------------------------- --------- --------- -------- --------- --------- -------
Pellets from third
party materials 49.92 53.76 (7.1) 205.65 281.46 (26.9)
62% Fe 49.92 0.00 - 49.92 76.30 (34.6)
65% Fe 0.00 53.76 (100.0) 155.72 205.16 (24.1)
---------------------------------- --------- --------- -------- --------- --------- -------
Total pellet production 2,889.80 2,552.50 13.2 8,258.40 8,047.80 2.6
62% Fe 1,434.00 1,279.40 12.1 4,175.90 4,342.80 (3.8)
65% Fe 1,455.80 1,273.10 14.4 4,082.50 3,705.00 10.2
---------------------------------- --------- --------- -------- --------- --------- -------
Sales Volumes
Sales volumes of pellets for the nine months to 30 September
2014 were 8.2 million tonnes which represented an increase of 8%
compared to the same period in 2013. Throughout the period there
was strong demand from all market segments for the Group's
pellets.
Iron Ore Price
In the third quarter of 2014 the average Platts benchmark price
for 62% Fe iron ore fines declined by 12% to US$90 per tonne
compared to the second quarter of 2014. During the period, the
Group's average realised price declined in line with the market.
It's achieved price was above the Platts benchmark price reflecting
the market premium received for pellets compared to iron ore
fines.
Costs
The Group's average C1 cash cost of production for the three
months to 30 September 2014 continued to benefit from the effects
of higher production volumes and local currency devaluation.
Capex
The Group has substantially completed its projects to increase
output to 12 million tonnes per year and improve the quality of all
pellets to 65% Fe. In the current low priced iron ore market
environment new growth capital expenditure will be reduced and will
focus on high return quick payback projects in order to maintain
the strength of the balance sheet.
The FYM concentrator project will be resumed when appropriate,
while low level capital expenditure will be made to maintain the
project integrity.
For further information contact:
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Maitland:
Peter Ogden +44 207 379 5151
Liz Morley
Notes to Editors:
Ferrexpo 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 5th 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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