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Ferrexpo increases production of iron ore pellets in 2020 by 7%

Mining industry / Ukraine

Pellet sales for 2020 were approximately 12.1 million tonnes, up 17.5% from the previous year

Ferrexpo increases production of iron ore pellets in 2020 by 7%

British Ferrexpo plc, which controls in Ukraine, in particular, Poltava and Eristovsky mining and processing plants (PGOK and EGOK), in 2020 increased the total production of pellets by 7% compared to 2019 - to 11.218 million tons.

According to a press release of the company on Tuesday, last year the total production of pellets with 65% iron content amounted to 10.780 million tons (an increase of 8%), from 62% - 98 thousand tons (a decrease of 76% ), production of pellets of direct reduction of iron (Direct Reduction - DR) with 67% iron content amounted to 339 thousand tons, in 2019 these products were not produced.

In the fourth quarter, total pellet production increased by 22% compared to the third quarter to 3.084 million tonnes. Including 2.931 million tonnes of pellets with 65% iron content were produced (an increase of 16% compared to the third quarter), no pellets with 62% content were produced, production of DR pellets with 67% iron content was 153 thousand tonnes , were not produced in the third quarter.

Pellet sales for 2020 were approximately 12.1 million tonnes, up 17.5% from the previous year (10.3 million tonnes in 2019).

The press release states that the increase in pellet production occurred after the implementation of the project to increase the production of the group's concentrator. Ferrexpo's operations and logistics continued to operate with minimal COVID-19 impact during the fourth quarter of 2020. The group's cash balance at 31 December 2020 was approximately $ 270 million (31 December 2019 - $ 131 million). Net cash position, according to the release, at the end of last year was $ 4 million.

Earlier it was reported that Ferrexpo's board of directors announced a special interim dividend of $ 0.132 per share, bringing the total dividend already declared for fiscal 2020 to $ 0.33 from $ 0.198 in fiscal 2019. The Board of Directors will consider the final dividend for 2020 prior to the announcement of the group's full year results on March 17, 2021.

As reported, Ferrexpo increased its total pellet production by 7.4% in the first quarter of 2020 compared to the same period in 2019 - to 2 million 725.33 thousand tons. Including produced pellets with 65% iron content of 2.652 million tons (an increase of 9.1%), with 62% - 73.33 thousand tons (a decrease of 31.8%).

In the second quarter of this year, Ferrexpo increased its pellet production by 5.4% compared to the previous quarter - up to 2 million 872.6 thousand tons, including pellets with 65% iron content 2 million 847, 9 thousand tons (an increase of 7.4%), from 62% - 24.7 thousand tons (a decrease of 66.3%).

In the third quarter of 2020, the total production of pellets decreased by 12% compared to the second - to 2.537 million tonnes from 2.873 million tonnes, while no pellets with 62% iron content were produced. Ferrexpo in 2019 reduced its total pellet production by 0.8% compared to 2018 - to 10 million 518.95 thousand tonnes. At the same time, the total production of pellets with 65% iron content amounted to 10 million 116.12 thousand tons (an increase of 1.9%), with a 62% - 402.83 thousand tons (a decrease of 41%). p>

Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of shares in Poltava GOK, 100% of Eristovsky GOK and 99.9% of Belanovsky GOK.

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