7th May 2024 09:59
(Alliance News) - Ferrexpo PLC on Tuesday said output from its Ukrainian operations suffered no disruption in April, as the company also provided an update on litigation against subsidiary Ferrexpo Poltava Mining.
Shares in Ferrexpo were up 3.0% to 51.80 pence in London on Tuesday.
In April, the Baar, Switzerland-based iron ore pellet producer with operations in Ukraine had reported a significant increase in production and sales volumes for the first quarter of 2024, the highest since the invasion of Ukraine started in February 2022.
On Tuesday, Ferrexpo said production at its Ukrainian operations continues to perform "according to plan and without disruption in April".
Ferrexpo also updated investors on Ferrexpo Poltava Mining, its subsidiary.
In October, a notice of suspicion was delivered to a senior manager of FPM, Viktor Lotous, regarding accusations for the potential underpayment of iron ore royalties.
Ferrexpo said last Monday, the Kyiv Court of Appeal set bail for Lotous at around USD16.5 million, lower than a previous amount of USD20 million.
Ferrexpo said it had decided to make a partial payment of the bail in the amount of around USD1.3million.
Under Ukrainian law, there is no legal obligation to pay the remainder of the bail amount, the company explained.
The operations of Ferrexpo are unaffected, it added.
By Jeremy Cutler, Alliance News reporter
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