9th Oct 2018 08:31
LONDON (Alliance News) - Iron ore miner Ferrexpo PLC on Tuesday said that successful completion of pellet line refurbishment has led to a 6% quarter-on-quarter rise in pellet production.
For the three months to September-end, the company's pellets production from its own ore totalled 2.7 million tonnes, versus 2.5 million tonnes in the second quarter. Year-to-date, pellet production from own ore increased by 1.4% to 7.7 million tonnes from 7.6 million tonnes the same period a year ago.
The company did not produce any iron pellets from third-party materials in the quarter. Total year-to-date pellet production, including production from third party materials, rose 1.3% to 7.6 million tonnes.
In August, Ferrexpo reported a double-digit drop in profit for the first six months of the year, resulting from increasing costs and declining iron ore prices. The company recorded a USD202.9 million profit, down 23% from USD262.2 million the year before.
Shares in Ferrexpo were up 2.1% higher at 218.40 pence each on Tuesday.
Related Shares:
Ferrexpo