7th Jul 2021 10:06
(Alliance News) - Ferrexpo PLC on Wednesday reported a rise in iron ore pellet production for the second quarter of 2021, as well as for the first half, driven by the completion of pelletiser upgrade work in the first quarter.
Also on Wednesday, the Barr, Switzerland-based commodity trader appointed Nikolay Kladiev as chief financial officer with effect on August 4, when Ferrexpo will publish its interim results.
He will be replacing Roman Palyvoda, who was made interim CFO in 2019 after the permanent Chief Financial Officer Chris Mawe stepped down from his role in 2020, after 12 years in the role since 2008.
Kladiev has been part of Ferrexpo for 16 years since 2005, his most recent role being chief financial officer of Ferrexpo Poltava Mining for 14 years from 2007.
"We are delighted to announce Nikolay's appointment today. Having served as FPM's CFO for many years, Nikolay brings a wealth of experience to the group CFO role, as well as a deep understanding of both our operations and the Ukrainian business environment. I look forward to working closely with him as we prepare to deliver the next phase of our organic growth programme," said Interim CEO Jim North.
For the three months ended June 30, Ferrexpo's total commercial production - including iron ore pellets and concentrate - rose 2% year-on-year to 2.93 million tonnes.
Quarterly pellet production increased 5% to 2.85 million tonnes, while commercial concentrate output 85,000 tonnes.
For the first half of 2021, total output rose 2% to 5.71 million tonnes, as the one-off production of 149,000 tonnes of concentrate more than offset a 0.6% decline in pellet production to 5.56 million tonnes.
In addition, sales volumes for the first half of 2021 was down 9% year-on-year as a result of a stockpile drawdown process carried out in the first half of 2020.
Shares in Ferrexpo were up 0.7% at 424.20 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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