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Ferrexpo board of directors proposes to quadruple dividends for 2020

Mining industry / Ukraine / Europe

Ferrexpo announced today that it released its annual report and financial statements for the year ended December 31, 2020.

Ferrexpo board of directors proposes to quadruple dividends for 2020

The Board of Directors of Ferrexpo, a Swiss mining company with assets in Ukraine, propose to shareholders to pay a final dividend on ordinary shares at the end of the 2020 financial year in the amount of 13.2 US cents per share, which is 4 times higher than the final dividend at the end of 2019 (3, 3 cents per share).

The Group's Annual Shareholders Meeting will be held on May 27, 2021.

“The dividend offered today reflects the current state of the group's balance sheet, high iron ore prices and a premium on pellets,” Ferrexpo said in a statement. “The increase in shareholder earnings reflects the continued efficiency of the group's operations and balance sheet, the resilience of the business throughout the global COVID-19 pandemic and the broader iron ore market environment.”

If approved by the shareholders at the AGM, the payment of the final dividends on ordinary shares will be made on July 1, 2021 to those shareholders who are included in the register at the close of business on June 18, 2021. Dividends will be paid in British pounds sterling.

Ferrexpo is a Swiss iron ore company with assets in Ukraine. The main activity of the company is the production and export of high quality iron ore pellets used in the production of steel. Ferrexpo is the largest producer and exporter of pellets among the countries of the former USSR. Current production assets are Poltava and Eristovsky GOKs. Ferrexpo plc owns 100% of the shares of Ferrexpo AG, which, in turn, owns 100% of the shares of Poltava GOK and 100% of the shares of Eristovsky GOK. In 2020, the Company produced 11.2 million tonnes of iron ore pellets.

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