Interim Management Statement (3122H)
26 5월 2011 - 3:00PM
UK Regulatory
TIDMFXPO
RNS Number : 3122H
Ferrexpo PLC
26 May 2011
26 May 2011
Ferrexpo plc
("Ferrexpo", the "Group" or the "Company")
Interim Management Statement
At the AGM today Ferrexpo's Chairman, Michael Abrahams, will
make the following comments to shareholders:
Ferrexpo has performed well during the period maintaining
production at full capacity and growing sales whilst controlling
increasing input costs due to higher commodity prices and rising
local inflation.
Production
Total production to 30 April 2011 was 3.0 million tonnes in-line
with the production plan. The output of higher grade 65% Fe pellets
from own ore has increased 6.9% compared to the prior year period
while lower processing of third party concentrate reflects reduced
availability.
Costs
The cost environment has been impacted by rising commodity
prices and local PPI inflation. For the period to 30 April 2011 the
average C1 cash cost increased by approximately 12% compared to the
month of December 2010. The Ukrainian Hryvnia, in which 70% of the
Group's operating costs are denominated, has remained broadly
stable against the US Dollar at around 7.95 UAH to 1 US$.
Sales
Sales volumes to 30 April 2011 were 3.0 million tonnes. Ferrexpo
continued to benefit from strong demand in a strengthening price
environment. The Group achieved price increases in the first
quarter which were reflective of international benchmark pricing
for the majority of its contracts. Ferrexpo is moving to pricing
agreements which are adjusted quarterly in arrears with a one month
lag.
Growth projects and funding
In November 2010 the Board approved US$647 million of capital
expenditure to extend the mine life of Ferrexpo Poltava Mine (FPM)
to 2038, to upgrade the processing facilities at FPM by the end of
2014 and to achieve first ore at Ferrexpo Yeristovo Mine (FYM) by
the end of 2013. These projects are progressing in-line with the
Group's schedule and budget. They are fully cash funded following
the placement of a debut US$500 million Eurobond issue in April
2011. As of 30 April 2011 the Group had a net debt position of
US$53 million. Management is actively engaged in evaluating the
next stages of development for FYM which includes the approval of
concentrating and pelletising production facilities.
Michael Abrahams will further comment:
"I am pleased to report that Ferrexpo has made a good start to
the current financial year benefitting from strong demand for its
pellets. The Group has maintained its focus on cost control and
enhancing operating efficiencies. This has enabled Ferrexpo to
sustain its cost competitiveness even with upward pressure on costs
from higher commodity input prices and local inflation. The growth
projects approved in November 2010 are progressing as planned and
we remain on track to increase the quantity and quality of our
pellet output."
For further information, please contact:
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Pelham Bell Pottinger
Charles Vivian +44 207 861 3126
James Macfarlane +44 207 861 3864
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It is principally involved in the production and export
of high quality iron ore pellets, which are used in the manufacture
of steel. Ferrexpo's resource base is one of the largest iron ore
deposits in the world. Its current producing asset, FPM, produced
approximately 10 million tonnes of iron ore pellets in 2010 making
it the largest exporter of pellets in the CIS. The Company has a
diversified customer base supplying steel mills in Austria, Serbia,
Slovakia, Czech Republic, Germany and other European states, as
well as in China, India, Japan, and other Asian countries. Ferrexpo
is listed on the main market of the London Stock Exchange under the
ticker FXPO. For further information, please visit
www.ferrexpo.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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