At the annual general meeting of Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, the company's non-executive chairman Michael Abrahams stated that Ferrexpo performed well during the first quarter of this year, with total pellet production rising 2.5 percent quarter on quarter to a record first quarter output of 2.9 million mt. The average cost of production continued to fall in the first quarter as a result of higher production volumes and local currency devaluation.
"The company's focus will be to maintain high levels of production of 65 percent Fe pellets and to contain costs while looking to further manage the liability profile of its debt should opportunities arise. Ferrexpo is now the fourth largest seaborne pellet supplier in the world by volume and its operations remain competitive in the current price environment following completion of its modernization, quality improvement and capacity upgrade investment programs in 2014," said Abrahams.