11 Oct 2022 10:38

Ferrexpo mines suspend operations due to limited power supply

MOSCOW. Oct 11 (Interfax) - Ferrexpo, a producer and exporter of iron ore pellets for the steel industry with assets in Ukraine, has suspended production at its mines in Poltava region due to damage inflicted on state-owned electricity infrastructure on Monday.

"Engineers are currently conducting an assessment of the damage incurred to electrical infrastructure, and an estimate of the period of production downtime as repairs are carried out," the company said in a press release on Tuesday.

"Limited power supply is available at the Group's operations, which is being prioritised for critical equipment required for essential services and local communities," Ferrexpo said.

The company said it currently has a sufficient volume of its products, either in transit or in stockpiles, to meet its expected sales volumes, subject to logistics corridors remaining available.

The company's largest asset, Poltava Mine is located in Poltava region, as are the Yeristovo and Belanovo mines. Ferrexpo wholly owns the Poltava and Yeristovo mines and 99.9% of Belanovo.

Ferrexpo produced 5.637 million tonnes of pellets in the first nine months of 2022, 31% less than in the same period of last year.