Ferrexpo doubled iron ore production in central Ukraine
The Swiss mining company Ferrexpo plc, which controls three large mining and processing plants in Ukraine, produced 901 thousand tons of pellets in January-March this year, which is 67% less than in the same period last year.
According to the stock exchange According to the company on Thursday, the production of pellets in the first quarter of 2023 increased by 2.16 times compared to the fourth quarter of 2022 (in October-December last year - 417 thousand tons).
In 2023, Ukrainian GOKs of the company produced only pellets with an iron content of 65%.
At the same time, the total production of marketable products (pellets and iron ore concentrate) for the first quarter of this year decreased by 65% compared to the first quarter of 2022, but increased by the fourth quarter of 2022 by 2.1 times - up to 954 thousand tons.
A press release from Ferrexpo explains that the growth in pellet production in the first quarter of this year is associated with improved electricity supply, which allowed restarting the second line clumping at the end of February 2023.
At the same time, the decrease in the group’s production volumes compared to last year is due to operational and logistical restrictions that have arisen since the start of a full-scale military invasion by Russia in February last year.