In 2010, the Swiss-headquartered resources company Ferrexpo, whose main interests are in Ukrainian iron ore assets, increased the amount of capital expenditure for upgrading, modernization and reequipment of its Ukrainian subsidiaries Poltava GOK and Eristovsky GOK to over UAH 1.061 billion (about $133.4 million), from more than UAH 626 million (about $78.7 million) in 2009.
Generally, for the period from 2005 to 2010, Ferrexpo invested $588.4 million in development and modernization of its Ukrainian assets. According to an approved plan, in the next three to four years Ferrexpo intends to invest about $1.4 billion in Ukrainian iron ore assets.
The first stage of the investment plan will include a budget of $647 million, of which about $435 million will be spent on development of existing iron ore fields, while another $212 million will be invested in the modernization of the enrichment capacities of Poltava GOK, which will allow it to fully switch to the production of pellets with 65 percent iron content that are in demand in the global market.