21st May 2015 07:57
LONDON (Alliance News) - Ukraine-based iron ore company Ferrexpo PLC said Thursday it has performed well in the first quarter of 2015, increasing its total pellet production by 2.5%.
In a statement ahead of its annual general meeting the company said production of its 65% iron pellets reached 85% of total output in the quarter. Average cost of production continued to fall due higher production volumes and local currency devaluation.
Average pellet premiums remained stable in the year to date compared to the fourth quarter of 2014, the company said, and lower freight costs together with the higher average iron ore content in its pellets have helped realised prices.
"The group's focus will be to maintain high levels of production of 65% iron pellets and to contain costs while looking to further manage the liability profile of its debt should opportunities arise," said Non-Executive Chairman Michael Abrahams in the statement.
Shares in Ferrexpo are trading up 2.5% at 73.25 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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