Iron ore pellet producer Ferrexpo (LON: FXPO) reported a 19% sequential drop in third-quarter output on Wednesday, pressured by a production halt and constrained export capacity as access to Ukrainian ports remained severely restricted.
Total commercial production fell to 779,975 tons in the three-month period ended September 30, from 963,409 tons in the second quarter.
In August, Ukraine-focused Ferrexpo temporarily suspended production due to liquidity issues and export disruptions in the Black Sea stemming from the Russian war in Ukraine.
The miner restarted one pellet line in September following a $100 million fundraising round.
Ferrexpo said it was in advanced talks for a secured trade finance facility, but finalising the deal has been delayed by disruptions to its Black Sea export route and its ability to deliver shipments.
Shares of the miner have fallen nearly 88% since Russia’s full-scale invasion of Ukraine began in February 2022.
(Reporting by Anushka Chourasia in Bengaluru; Editing by Sherry Jacob-Phillips)
