Ferrexpo's annual pellet output slumps on logistical snags, costs
Jan 11 (Reuters) - Ferrexpo said on Wednesday its annual production of iron ore pellets slumped due to higher costs, logistical constraints and disruptions caused by the Russian invasion of Ukraine.
The group's operations were affected by the conflict, which started last February, and an increase in grain shipments during the harvest season placed further constraints on Ukraine's railway network, impacting the group's iron ore shipments.
The Ukraine-focused miner recorded an annual pellet production of 6.1 million tonnes, down 46% from a year-ago period.
Ferrexpo said its annual sales slumped 46% to 6.2 million tonnes, primarily due to the closure of Ukraine's access to the Black Sea last year, Russian attacks on the state-owned electricity network and logistical constraints.
The London-listed miner's controlling shareholder, Ukrainian billionaire Kostyantyn Zhevago, left the board late last month after his arrest in France at Ukraine's request on suspicion of embezzlement and money laundering.
(Reporting by Muhammed Husain in Bengaluru; Editing by Sherry Jacob-Phillips)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.