The mining company Ferrexpo, which operates the Poltava, Eristivka and Bilanivka mining complexes in the Poltava region, increased production volumes in 2024 by 66%. This is stated in the company's report for the 4th quarter and the whole financial year. As of December 31, 2024, Ferrexpo's net cash position was approximately $99 million compared to $108 million as of December 31, 2023.
"The total production volume for the 4-th quarter was 1.8 million tons, including 1.5 million tons of pellets and 0.3 million tons of 67% Fe concentrate. The total production volume for the year to the end of December 2024 was 6.9 million tons, which is 66% more compared to the same period last year," the company's report states.
"The increase in production reflects our ability to regain access to Ukrainian Black Sea ports and resume exports to customers in the Middle East and Asia. In total, 37 sea vessels were loaded in 2024, including 32 from Ukraine and five from Ukraine and five from other ports, compared to 19 (from Romania) in 2023," said Lucio Genovese, interim Executive Chair of Ferrexpo Group.
According to him, in the fourth quarter of 2024, the company increased the production of high-quality pellets and concentrate, which contributed to a reduction in the fixed cost base as production volumes increased and in the face of constant attacks on the Ukrainian power system, which forces Ferrexpo to import electricity from EU countries at higher tariffs.
2024 was the best year in terms of production volumes since the start of the full-scale invasion, - stated at Ferrexpo.
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