Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, plans to raise approximately $100 million through an equity fundraise, which is essential to strengthen its liquidity, meet working capital requirements and maintain operations at a reduced level for the next 18 months, according to media reports.
The proposed financing comes as Ferrexpo faces operational and financial pressure from the war in Ukraine, disruptions to logistics and export routes, withheld VAT refunds and ongoing legal proceedings involving its Ukrainian subsidiary Ferrexpo Poltava Mining (FPM).
Ferrexpo warns cash could run out by end-October without fundraise
As of August 28, Ferrexpo had $26.4 million in cash and a net cash position of $17.8 million after lease obligations, down from $47 million at the end of 2025 and $101 million at the end of 2024.
The company warned that without the successful completion of the fundraise, its currently accessible net cash would only be sufficient to continue operating under existing constrained conditions until approximately the end of October 2026. Ferrexpo said that without alternative funding or other mitigating measures, failure to complete the transaction could ultimately result in insolvency proceedings.
The company temporarily suspended iron ore production at its mining and pelletizing operations in Ukraine on August 5, following material restrictions on its primary Black Sea export logistics route.
Ferrexpo stated that completing the $100 million fundraise would provide additional time to address its liquidity constraints, pursue withheld VAT refunds and work toward restoring production capacity to a sustainable level.
