AGM Statement (9956D)
24 5월 2012 - 3:01PM
UK Regulatory
TIDMFXPO
RNS Number : 9956D
Ferrexpo PLC
24 May 2012
24 May 2012
Ferrexpo plc AGM Statement
Ferrexpo plc ("Ferrexpo", the "Company" or the "Group")
At Ferrexpo's AGM, which will take place today, 24 May 2012 at
11.00am, Michael Abrahams, Chairman, will make the following
comments:
The year has started well, and Ferrexpo Poltava Mining continues
to operate at full capacity. In the period to 30 April, 2012, own
ore pellet production was 6.2% higher as compared to the same
period 2011. Sales volumes remained in line with 2011 at 3.0
million tonnes and the average selling price was 9% lower
reflecting customer mix and lower market prices.
As reported at the year end, Ferrexpo continues its negotiations
with the tax authorities to recover overdue VAT. The total VAT
balance was US$172m at 31 December 2011, which increased to US$195m
at 30 April 2012. The Group continues to address this as a matter
of priority.
Ferrexpo has previously disclosed that, for over six years, it
has been subject to a legal claim over a shareholding in Ferrexpo
Poltava Mining. A further hearing is scheduled for 12 June 2012.
The Directors expect the case to be protracted. The Board continues
to receive legal advice that the case against Ferrexpo has no merit
under Ukrainian law for legal, technical and practical reasons.
Future Prospects
There has been much comment recently about Ukraine, and the
Board continues to monitor developments in the country. As
demonstrated by Ferrexpo's results to date, the Group's mining and
production operations are performing well in Ukraine, where it has
an experienced management team and a highly-skilled workforce.
The Group continues to experience good demand for its iron ore
pellets in the year to date. It is making significant progress with
its capital projects, and is on track to increase production to 12
million tonnes of pellets per annum in 2014. Its mine
infrastructure works and pit development at Ferrexpo Yeristovo
Mining are advancing as planned. The Board remains confident that
it will deliver on its growth plans.
For further information:
Ferrexpo:
Emma Villiers +44 207 389 8306
Pelham Bell Pottinger
Daniel Thole +44 7428 967520
James Macfarlane +44 7841 672 831 / +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 2011 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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