Ferrexpo extends cash runway beyond August, advances equity raise talks
Ferrexpo extends cash runway beyond August, advances equity raise talks June 29 (Reuters) - Ukraine-focused miner Ferrexpo FXPO.L on Monday forecast it would have sufficient cash to operate beyond the end of August, extending a previous deadline, and said it was advancing work on securing a $100 million fundraise to stave off insolvency.
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The iron ore pellet producer said its prediction is helped by steady production rates, optimised sales, and current and forecast energy prices.
The miner had also sold its transhipping vessel Iron Destiny for $7.7 million.
The company reiterated that an equity capital raise of at least $100 million remains its most viable funding solution.
Ferrexpo has been working to stave off insolvency as the war in Ukraine hit its operations with the company warning in April that it had only enough accessible cash to survive until about August-end without new funding.
In May, Ferrexpo's shares were suspended from trading after it failed to secure its fundraise in time to publish its audited 2025 results by a regulatory deadline.
The miner said it continues to operate under severely constrained conditions due to the ongoing war in Ukraine, running only one of its four pellet lines, but has managed to maintain exports to customers in Europe and the Middle East.
(Reporting by Anushka Chourasia in Bengaluru; Editing by Ronojoy Mazumdar)