Ferrexpo PLC 4Q 2017 pellet production and trading update (3212B)
09 January 2018 - 6:03PM
UK Regulatory
TIDMFXPO
RNS Number : 3212B
Ferrexpo PLC
09 January 2018
9 January 2018
Ferrexpo plc
("Ferrexpo", the "Group" or the "Company")
4Q 2017 Pellet Production and Trading Update
2017 trading summary:
-- Total 2017 pellet production 10.4 MT compared to 11.2 MT in
2016 reflecting planned pelletiser maintenance.
-- 4Q 2017 production increased 12% compared to 3Q 2017.
-- Production of high quality 65% Fe pellets represented 95% of
total production levels compared to 94% in 2016.
-- 2017 sales volumes approximately 10.4 MT compared to 11.7 MT in 2016 due to production levels.
-- The Group's average received price in 2017 increased
significantly compared to 2016, reflecting a 22% increase in the
average 62% Fe iron ore fines price and a notable increase in the
pellet premium due to strong demand for high quality iron ore
products including pellet.
-- The full year average 2017 cash cost of production was
approximately US$33 per tonne compared to US$29 per tonne in 2016
due to higher commodity prices impacting input costs, local
inflation and lower production levels.
-- The Group's available liquidity (including a new undrawn PXF
facility of US$195M) as of 31 December 2017 was circa US$310M
compared to US$145M as of 31 December 2016.
-- Net debt as of 31 December 2017 was approximately US$400M
compared to US$589M as of 31 December 2016 and is at its lowest
level since 2011.
4Q 2017 pellet production:
000' tonnes Q4 Q3 Change YTD YTD Change
2017 2017 2017 2016
========= ========= ========== ==========
% %
========= ========= ======= ========== ========== =======
Pellet production
from own ore 2,763.18 2,492.70 10.9 10,394.44 11,057.61 -6.0
- 62% Fe FBP 144.20 156.60 -7.9 558.70 656.60 -14.9
- 65% Fe FPP (incl
FPP+) 2,618.98 2,336.10 12.1 9,835.74 10,401.01 -5.4
Production from third
party materials 28.02 0.00 - 49.56 142.99 -65.3
- 62% Fe FBP 0.00 0.00 - 0.00 9.00 -100.0
- 65% Fe FPP 28.02 0.00 n/a 49.56 133.99 -63.0
Total Pellets Produced 2,791.20 2,492.70 12.0 10,444.00 11,200.60 -6.8
------------------------ --------- --------- ------- ---------- ---------- -------
- 62% Fe FBP 144.20 156.60 -7.9 558.70 665.60 -16.1
- 65% Fe FPP (incl
FPP+) 2,647.00 2,336.10 13.3 9,885.30 10,535.00 -6.2
of which % of FPP
(incl. FPP+) 95% 94% 95% 94%
------------------------ --------- --------- ------- ---------- ---------- -------
Note: Ferrexpo Basic Pellets (FBP), Ferrexpo Premium Pellets
(FPP) and Ferrexpo Premium Pellets plus (FPP+).
For further information contact:
Ferrexpo:
Investor Relations and Corporate Communications
Ingrid McMahon +44 207 389 8304
Maitland PR:
James Isola +44 207 379 5151
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It has been mining, processing and selling high quality
iron ore pellets to the global steel industry for over 35 years.
Ferrexpo's resource base is one of the largest iron ore deposits in
the world. The Group is currently the 3(rd) largest exporter of
pellets to the global steel industry and the largest exporter of
pellets from the Former Soviet Union. In 2016, it produced 11.2
million tonnes of pellets reflecting a 2% increase in production of
the Group's highest quality pellets to a record 10.5 million
tonnes. Ferrexpo has a diversified customer base supplying steel
mills in Austria, Slovakia, the Czech Republic, Germany and other
European states, as well as in China, India, Japan, Taiwan and
South Korea. Ferrexpo is listed on the main market of the London
Stock Exchange under the ticker FXPO. For further information,
please visit www.ferrexpo.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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