Iron ore pellet producer Ferrexpo reported total commercial production of 779,975 tonnes for the three months ended September 30, down 19 percent from 963,409 tonnes in the second quarter, Reuters reported on Wednesday. Newsquawk’s summary of the same company report rounded the figure to 780,000 tonnes, down 19 percent quarter on quarter.
The company temporarily suspended production in August, citing liquidity issues and export disruptions in the Black Sea linked to Russia’s war in Ukraine, with access to Ukrainian ports severely restricted. It restarted one pellet line in September following a $100 million fundraising round, which its first half reporting said was completed in early September and supported the relisting of its shares in London.
Ferrexpo said it is in advanced talks on a secured trade finance facility, but finalising the deal has been delayed by the disruption to its Black Sea export route and its ability to deliver shipments. Its first half results, published in September, showed revenue of $196 million, down from $453 million a year earlier, with logistics forced onto rail to European customers for most sales.
Shares in the miner have fallen nearly 88 percent since Russia’s full scale invasion of Ukraine began in February 2022, according to the Reuters report.