2nd Apr 2015 06:56
LONDON (Alliance News) - Ferrexpo PLC Thursday said pellet production rose in the first quarter of the year, and it is producing more high grade pellets compared with a year ago whilst costs are falling due to the increasing production and because of the devaluation of the Hryvnia.
The iron ore miner produced 2.9 million tonnes of iron pellets in the first quarter, up 2.5% from a the comparable period a year earlier when production totalled 2.8 million tonnes. Ferrexpo said production in the first quarter was a record for the company.
Ferrexpo reported record quarterly production of 65% iron pellets, which made up 2.5 million tonnes of the total production compared with only 1.4 million tonnes a year earlier. Production of 62% iron pellets made up 433,000 tonnes of total production in the first quarter from 1.0 million tonnes in the first quarter of 2013.
The increase in production of 65% iron pellets changes the mix of production. The higher grade pellets now make up 84% of the company's total output, up from only 48% a year earlier.
Ferrexpo also said its cost base continues to benefit from higher production volumes and the devalution of the Hryvnia.
By Joshua Warner; [email protected]; @JoshAlliance
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