Ukraine-focused miner Ferrexpo to raise $100 million in funding
Ukraine-focused miner Ferrexpo to raise $100 million in funding Sept 3 (Reuters) - Ukraine-focused miner Ferrexpo FXPO.L on Thursday proposed an equity fundraise for about $100 million to support the company's working capital and ongoing operations, after reporting results for the year ended December 31, 2025.
Here are some more details:
Switzerland-headquartered Ferrexpo had delayed its fiscal 2025 results in April as it grappled with operational and financial setbacks amid the ongoing Russia-Ukraine war.
The iron ore pellet producer has been working to stave off insolvency after the suspension of value-added tax refunds, combined with attacks on Ukraine's energy grid, which severely strained the company's finances.
In the fundraise, Ferrexpo received a $40 million conditional subscription from its largest shareholder Fevamotinico, and a $50 million conditional undertaking from cornerstone investor Andriy Verevskyi.
The miner reported a 16% decrease in total iron ore pellet production to 3.2 million tons in 2025.
The group said that it cannot provide any production and cost guidance for 2026 in the current environment.
Ferrexpo said in August that it had temporarily suspended its Ukraine production operations due to risks from the ongoing Russia-Ukraine war.
The company's shares have been suspended since May 1, after it failed to secure funding in April.
(Reporting by Unnamalai L in Bengaluru; Editing by Shailesh Kuber)