16th Jan 2025 12:50
(Alliance News) - Ferrexpo PLC on Thursday responded to allegations that its management was involved in illegal mining and waste product sales in Ukraine.
The Prosecutor General's Office of Ukraine accused four senior managers of Ferrexpo Poltava Mining, a subsidiary of the Baar, Switzerland-based mining company.
The managers are charged with illegally mining and selling iron ore waste products in November 2023 and March 2024. Ferrexpo maintains the company has not conducted any sales of waste products since September 2021, and that the claims are "without merit".
Prior to 2021, Ferrexpo said, it has sold mineral waste left over from the production of iron ore pellets. The firm stressed that such waste is not considered "a separate mineral resource".
Ukraine's National Police have completed a pre-trial investigation and have sent the case to a court of the first instance. A hearing date is yet to be confirmed.
Ferrexpo said the company's operations continue unaffected.
Its shares rose 2.2% to 100.60 pence each on Thursday afternoon in London.
By Holly Munks, Alliance News reporter
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