Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its production results for the second quarter of 2022.
In the second quarter this year, the company’s iron ore production moved down by 28.0 percent year on year and by 22.0 percent compared to the previous quarter to 2.10 million mt. In particular, the company’s output of pellets totaled 2.08 million mt, decreasing by 23.0 percent quarter on quarter and by 27.0 percent year on year, due to operational and logistical constraints following Russia’s invasion of Ukraine. Ferrexpo’s output of pellets from iron ore with 65 percent Fe content totaled 1.99 million mt, down by 28.0 percent year on year and by 26.0 percent compared to the first quarter this year.
Meanwhile, sales in the first half of this year declined by 21 percent year on year to 4.4 million mt amid the ongoing logistical challenges. The company continues discussions with logistics providers to resume access to overseas markets via neighboring countries.
“We continue to operate and adapt our business in Ukraine as new risks emerge. We also continue to be impressed by the remarkable resilience of the people of Ukraine, despite the continual bombardment over the last four months. Our production result in the second quarter of 2022 reflects the determination of our people, our suppliers and our customers, and I would like to thank everyone involved for their continued efforts. In terms of logistics availability, which remains the largest constraint on our business at the present time, we are advancing efforts to increase seaborne exports and have made initial deliveries to customers,” Ferrexpo CEO Jim North stated.