Ukraine-focused miner Ferrexpo delays annual results amid financing issues (updated)

Ferrexpo

01/04/2026 10:25

Adds details and background, updates shares

April 1 (Reuters) - Iron ore pellet producer Ferrexpo FXPO.L said on Wednesday it is delaying fiscal 2025 results as it works to secure alternative banking arrangements, sending shares down over 21%.

The Ukraine-focused miner has been grappling with operational and financial setbacks amid the Russia-Ukraine war and legal troubles involving a major stakeholder.

Here are some details:

Ferrexpo said it had enough cash until at least the end of June 2026 and was exploring a range of options to raise funds, including an equity capital raise.

As of March 31, Ferrexpo had net cash resources of $25 million.

The firm expects to report its fiscal 2025 financial accounts on or before April 30.

Ferrexpo first warned of "material negative consequences" unless it could secure funding in early March after one of its Swiss unit's banks - MBaer Merchant Bank AG - was set to be wound down for alleged money-laundering violations and sanction breaches.

The firm's shares fell as much as 21.2% to a near-decade low of 38 pence before paring some losses to trade down nearly 11% as of 0914 GMT.

 (Reporting by Prerna Bedi in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)

 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))