Ferrexpo's quarterly output falls on production halt, export constraints
Ferrexpo's quarterly output falls on production halt, export constraints Oct 14 (Reuters) - Iron ore pellet producer Ferrexpo FXPO.L reported a 19% sequential drop in third-quarter output on Wednesday, pressured by a production halt and constrained export capacity as access to Ukrainian ports remained severely restricted.
Total commercial production fell to 779,975 tons in the three-month period ended September 30, from 963,409 tons in the second quarter
In August, Ukraine-focused Ferrexpo temporarily suspended production due to liquidity issues and export disruptions in the Black Sea stemming from the Russian war in Ukraine
The miner restarted one pellet line in September following a $100 million fundraising round
Ferrexpo said it was in advanced talks for a secured trade finance facility, but finalising the deal has been delayed by disruptions to its Black Sea export route and its ability to deliver shipments
Shares of the miner have fallen nearly 88% since Russia's full-scale invasion of Ukraine began in February 2022
(Reporting by Anushka Chourasia in Bengaluru; Editing by Sherry Jacob-Phillips)