Refile: Ferrexpo's cash to run out by August-end after Russian drone strikes vessel
REFILE-Ferrexpo's cash to run out by August-end after Russian drone strikes vessel Corrects first paragraph to say Tuesday, not Monday
July 28 (Reuters) - Ukraine-focused miner Ferrexpo FXPO.L said on Tuesday that it has cash to operate only until the end of August, after a Russian drone struck its vessel in the Black Sea and dealt a fresh blow to its already strained finances.
Here are some more details:
The Russia-Ukraine war has intensified in recent weeks with heavy missile strikes on Kyiv and Ukrainian drone attacks on retail warehouses in Russia.
The disruption compounds financial pressure on Ferrexpo, which had been counting on higher DR-grade pellet exports from Black Sea ports in the second half of 2026 to shore up its finances.
Ferrexpo said that while the vessel's crew had been rescued, one member was killed. The condition of the cargo and the vessel's structural integrity also remain unknown.
The vessel had been loaded with Ferrexpo's premium DR-grade pellets for export to the Middle East.
The company said due to continued drone and missile strikes in and around the port, it does not expect to be able to load further vessels via this route for the foreseeable future.
Ferrexpo continues working with advisers to press ahead with plans for an equity raise of at least $100 million to shore up the group's working capital position.
(Reporting by Neeshita Beura in Bengaluru; Editing by Mrigank Dhaniwala)