Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its production results for the fourth quarter and full year of 2023.
In the fourth quarter last year, the company’s iron ore production moved up by 48.1 percent year on year and down by 49.8 percent compared to the previous quarter to 677,000 mt. In particular, the company’s output of pellets totaled 627,000 mt, decreasing by 49.8 percent quarter on quarter and up by 50.3 percent year on year. In addition, in the given period, the company produced 577,140 mt of premium pellet with 65 percent Fe content, 54 percent lower than in the third quarter due to logistic constraints and lower market demand in the early part of the quarter.
Meanwhile, in 2023, Ferrexpo’s iron ore production totaled 4.1 million mt, down by 33.5 percent, while its pellet output amounted to 3.84 million mt, decreasing by 36.5 percent, both year on year.
The company has operated between one and two pelletizing lines (out of four) during the fourth quarter, alternating product quality depending on demand from customers and available logistics routes. According to the statement, Ferrexpo faced higher logistics costs than in previous years due to a lack of access to Black Sea export routes, while the company was also limited in its ability to serve its MENA and Asian customers.
