Ferrexpo, a Swiss headquartered iron ore company with assets in Ukraine, produced 2.68 million tonnes of iron ore (pellet and concentrate fines) in 3Q2021, down 9% q/o/q while up 6% y/o/y.

Summary:

•      Total iron ore pellet production increases 2% year on year to 2.6 million tonnes (“MT”), reflecting strong production performance following pelletiser upgrade work completed in previous quarters.

•      Production volumes 9% lower on a quarter on quarter basis as a result of pelletiser upgrade work completed during the quarter, and planned pelletiser maintenance in September 2021.

•      Upgrade work on the Group’s fourth pelletiser line completed during September 2021.

•      High grade iron ore (grading 65% Fe or above) representing 100% of production in 3Q 2021 (3Q 2020: 100%).

•      Proportion of higher grade (67% Fe) direct reduction pellets increased to 8% of total pellet production during the period, compared to 3% in the prior period, reflecting the Group’s continuing expansion into this market.

•      Further 85kt of high grade (67% Fe) commercial concentrate production, reflecting the Group’s recent investment in its concentrate stockyard project (3Q 2020: nil).

Jim North, Interim Group Chief Executive Officer, said:

“I am pleased to report our continued progress in terms of product quality and product volumes, with upgrade work completed on the pelletiser during the quarter. Through continued investment in the Group’s concentrator and pelletiser facilities, we are creating a platform for future growth in product volumes, whilst simultaneously increasing the overall grade of our production.”