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Ferrexpo has suspended mining and production of iron ore in Ukraine

Mining industry / Ukraine

Ferexpo PLC shares fell 7.64% after the company said it was temporarily suspending production, Market Watch reported.

Ferrexpo has suspended mining and production of iron ore in Ukraine

The production of iron ore pellets at the enterprises of the Swiss mining company Ferrexpo, Ukrainian businessman Konstantin Zhevago, has been temporarily suspended due to the limitation of electricity supplies after yesterday's shelling of energy infrastructure. This is stated in the message of Ferrexpo on the London Financial Exchange.

"Engineers are currently assessing the damage to the electrical infrastructure and assessing the period of production downtime during repairs," the company said on Tuesday.

Despite the fact that production is suspended, Ferrexpo said that the group has a sufficient amount of its products in stock to ensure expected sales volumes, provided that logistics routes are functioning.

"Yesterday's events resulted in significant damage to major cities across Ukraine, as well as power outages at our facilities and local communities," said Chief Executive Jim North.

Ferrexpo plc is a Swiss trading and mining company, the world's third largest exporter of iron ore pellets. Ferrexpo's base of operations is in central Ukraine, where it operates three iron ore mines and an iron ore pellet plant.

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