• The safety of the
Group’s workforce remains the Group’s highest priority.
• Total iron ore pellet production of 2.7 million tonnes in the first
quarter of 2022, representing a figure in line with the same period in
2021, and 11% below the previous quarter (4Q 2021) due to operational
and logistical constraints following Russia’s invasion of Ukraine, which
persist as per the Group’s previous press release updates in February
2022.
• The Group’s production continues to comprise entirely of high grade
forms of iron ore, which are those with an iron ore grade of 65% Fe or
above.
• Sales in 1Q 2022 of 2.6 million tonnes, with the Group scaling its
production activities to meet accessible pellet demand. Logistics
pathways to Europe via rail and barge remain open to the Group, while
activities at the Black Sea port of Pivdennyi continue to be suspended.
• Group net cash position of approximately US$159 million as at 31 March
2022, with stable available financing lines marginally impacting the
debt position. The Group has maintained an adequate balance of liquidity
between funds held both offshore and onshore, ensuring that payments for
the Group’s workforce, operations and tax requirements are paid on time
and in full.
• The situation in Ukraine remains complex. In accordance with the
Government of Ukraine's request for economic activities to continue, the
Group will continue to produce and transport its products as long as the
capability is in place and it remains safe to do so.
Jim
North, Chief
Executive Officer
of Ferrexpo
commented:
“The
safety of
our workforce remains
our highest
priority. Our
operations and
local communities are outside
the main
conflict zones
within Ukraine,
enabling us to continue our activities, including the delivery of iron
ore pellets to customers in Europe via rail and barge, which
have historically represented
approximately 50%
of sales.
The port
of Pivdennyi
in southwest
Ukraine, where
the Group’s
berth is
located, remains
closed, and
we are
reviewing alternative methods of
delivering our products
to seaborne
markets.”
Thousand tonnes, unless stated otherwise |
Product Grade |
1Q 2022 |
QoQ (vs. 4Q 2021 |
YoY (vs. 1Q 2021 |
3M 2022 |
YoY (vs. 3M 2021 |
Total commercial production (pellets & commercial concentrate) |
|
2,713 |
-13% |
-2% |
2,713 |
-2% |
Total pellet production |
|
2,713 |
-11% |
-0.10% |
2,713 |
-0.10% |
Pellet production comprised of: |
|
|
|
|
|
|
o Direct Reduction (“DR”) Pellets |
67% Fe |
- |
-100% |
-100% |
- |
-100% |
o Ferrexpo Premium Pellets |
65% Fe |
2,713 |
-8% |
2% |
2,713 |
2% |
o Ferrexpo Basic Pellets |
62% Fe |
- |
- |
- |
- |
- |
Commercial concentrate production |
67% Fe |
- |
-100% |
-100% |
- |
-100% |
(To contact the reporter on this story: cody.wang@steelhome.cn or 86-555-2238837 18725550282) |
|