REG - Ferrexpo plc - Update regarding Ukrainian subsidiary

FerrexpoAnnouncement

16/01/2025 11:45

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RNS Number : 6301T  Ferrexpo PLC  16 January 2025

16 January 2025

Ferrexpo plc

("Ferrexpo" or the "Group")

 

Update regarding Ukrainian subsidiary

Ferrexpo plc (LSE: FXPO) notes recent statements and reports in Ukrainian
media concerning accusations made by the Prosecutor General's Office of
Ukraine against four senior managers of Ferrexpo Poltava Mining ("FPM")
concerning the alleged illegal mining and sale of waste products that are
produced normally as a result of the mining and processing of iron ore.

The Group previously made announcements about the investigations of the sale
of waste products in November 2023 and March 2024.  FPM's position has been
and remains that the purported minerals in question are not a separate mineral
resource but are waste products left over from the crushing of iron ore during
the technical process for the production of iron ore pellets. FPM had been
selling waste products for many years until September 2021. The sales were
subject to inspections by the State Service for Geology and Subsoil of
Ukraine. The Group has not conducted any sales of the waste products since
September 2021.

Based on recent statements, the National Police have now completed the
pre-trial investigation and the case has now been sent to a court of the first
instance and is awaiting the first hearing date and case details. Based on
information received so far and with advice from Ukrainian legal counsel, FPM
is of the view that these accusations are without merit.

The operations of the Group are unaffected. Further updates will be made on
the situation as and when appropriate.

 

For further information please contact:

 Ferrexpo:
 Nick Bias        n.bias@ferrexpo.ch (mailto:n.bias@ferrexpo.ch)              +44 (0)7733 177 831
 Tavistock:
 Jos Simson       ferrexpo@tavistock.co.uk (mailto:ferrexpo@tavistock.co.uk)  +44 (0)207 920 3150

 Gareth Tredway                                                               +44 (0)7785 974 264

 

About Ferrexpo:

About Ferrexpo: Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine and a listing in the equity shares commercial companies category on
the London Stock Exchange (ticker FXPO) and a constituent of the FTSE 250 and
FTSE4Good indices. The Group produces high grade iron ore pellets, which are a
premium product for the global steel industry and enable reduced carbon
emissions and increased productivity for steelmakers when converted into
steel, compared to more commonly traded forms of iron ore. Ferrexpo's
operations have been supplying the global steel industry for over 50 years.
Before Russia's full-scale invasion of Ukraine in February 2022, the Group was
the world's third largest exporter of pellets. The Group has a global customer
base comprising of premium steel mills around the world. For further
information, please visit www.ferrexpo.com (http://www.ferrexpo.com) .

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