15th Jun 2020 08:55
(Alliance News) - Swiss-based Ferrexpo PLC on Monday declared an interim 2020 dividend of 6.6 US cents and reported double-digit growth in sales volumes for the five months.
The FTSE 250-listed iron-ore mining company said the dividend - which is unchanged from the prior year - will be payable on July 3 to shareholders on the register as of Friday.
Turning to trading, Ferrexpo said it continues to perform "strongly". Pellet production as of May 31 was up 6% compared to the first five months of 2019.
The company said its operating subsidiaries have taken precautions to protect its workforce and local communities against the Covid-19 virus and, to date, there has been no damage to operations.
As at the end of May, sales volumes had increased by 21% compared to the same period in 2019. Higher sales have been driven by the strong production performance, de-stocking, and the ability to offset weaker demand in Europe through increased sales to Asia, Ferrexpo said.
The iron ore fines price has remained resilient year-to-date, Ferrexpo noted, while lower freight rates and production costs have compensated for weaker pellet premiums.
Ferrexpo shares were trading 3.4% lower in London on Monday at 186.00 pence each.
By Evelina Grecenko; [email protected]
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