Ferrexpo PLC Interim Management Statement (9478O)
18 10월 2012 - 3:00PM
UK Regulatory
TIDMFXPO
RNS Number : 9478O
Ferrexpo PLC
18 October 2012
18 October 2012
Ferrexpo plc
Interim Management Statement
Ferrexpo plc ("Ferrexpo", the "Company" or the "Group") today
issues its interim management statement in accordance with the UK
Listing Authority's Disclosure and Transparency Rules.
Production
As announced on 10 October 2012, total pellet production from
own ore in 3Q 2012 reached a record level of 2.4 million tonnes in
the quarter. Production was 1.6% higher than 3Q 2011. The mine
continues to operate at full capacity.
Q3 Q2 Change YTD YTD Change
========================
Production in Tonnes 2012 2012 % 2012 2011 %
'000
======================== ======== ======== ======== ========= ========= =======
Production from own
raw materials
Iron Ore 7,492.8 7,431.2 0.8 22,469.6 21,695.5 3.6
Concentrate 2,979.8 2,896.5 2.9 8,719.7 8,524.5 2.3
Pellets
62% Fe 1,346.1 1,230.8 9.4 3,775.4 3,513.0 7.5
65% Fe 1,024.9 1,074.6 (4.6) 3,158.5 3,214.7 (1.7)
-------- -------- -------- --------- --------- -------
Total Pellets 2,371.0 2,305.4 2.8 6,933.9 6,727.7 3.1
Production/reprocessing from purchased
raw materials
Pellets
62% Fe 60.0 53.0 13.2 166.2 154.0 7.9
65% Fe 0.0 51.9 (100.0) 55.8 375.1 (85.1)
-------- -------- -------- --------- --------- -------
Total Pellets 60.0 104.9 (42.8) 222.0 529.1 (58.0)
Total Pellets Produced 2,431.0 2,410.3 0.9 7,155.9 7,256.8 (1.4)
-------- -------- -------- --------- --------- -------
62% Fe 1,406.1 1,283.8 9.5 3,941.6 3,667.0 7.5
65% Fe 1,024.9 1,126.5 (9.0) 3,214.3 3,589.8 (10.5)
Sales
Sales volumes for the three months to 30 September 2012 were
2,472 thousand tonnes, an increase of 1.2% compared to the same
period in 2011 and 9.9% compared to 2Q 2012. The average realised
price in 3Q 2012 was below 2Q 2012 reflecting the 19.5% decline in
the market price during the period.
Costs
The Group's average C1 cash cost of production for the three
months to 30 September 2012 was US$58.7 per tonne. This compares to
US$51.6 per tonne in 3Q 2011 and US$61.5 per tonne in 2Q 2012.
While the increase in the production cost compared to 3Q 2011
reflected higher electricity and gas tariffs as well as high levels
of local inflation, the quarter on quarter decline reflected
efficiencies from increased production of pellets from own ore as
well as a stable oil price and lower domestic inflation.
The Ukrainian Hryvnia, in which 70% of the Group's total
operating costs are denominated, remained stable against the US
Dollar at around 8.0 UAH to 1 US$ during the period.
Capital Investment
Ferrexpo Yeristovo Mining ("FYM")
First ore from the new FYM pit was reached in July 2012. The ore
is currently being tested in FPM's processing facilities to begin
first commercial production in 1H 2013 and will be gradually phased
into production through the existing processing facilities during
2013.
The Ferrexpo Board has authorised US$30 million for the
development of the Yeristovo 10mtpa concentrator in 2013. This
includes US$20 million for detailed engineering design and ground
works and, subject to market conditions and further board approval,
down payments for long lead items to be placed in late 2013 which
will allow for first concentrate production and ramp up in 2H
2016.
In August 2012, FYM's mining licence was renewed for a further
20 years until 2032.
Ferrexpo Poltava Mining ("FPM")
FPM's projects remain on schedule and budget to raise output to
12 million tonnes of pellets per annum from the beginning of 2014
and to increase the iron content in its pellets from an average of
63% Fe to all 65% Fe in 2015.
VAT
The Group did not receive any VAT refunds in Ukraine during the
quarter. As of 30 September 2012, US$281 million of VAT was
outstanding compared to US$231 million as of 30 June 2012. Ferrexpo
continues to work constructively with local regional and central
authorities to resolve this issue and the Group expects some
progress to be made in 2013. As of 30 September 2012, the Group had
gross borrowing facilities of more than US$1 billion with an
average maturity of over three years. Net debt was US$342
million.
Michael Abrahams, Ferrexpo Chairman, commented:
"The iron ore pricing environment was particularly volatile in
the third quarter and Ferrexpo again demonstrated its ability to
produce iron ore profitably at a low cost.
The Group's growth projects are on track and the Board remains
committed to invest prudently in the development of the Company's
iron ore reserves."
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Pelham Bell Pottinger
Charles Vivian +44 207 861 3126
Lorna Spears +44 207 861 3883
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,
Slovakia, Czech Republic, Germany and other European states, as
well as in China, India, Japan, Taiwan and South Korea. 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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