Recent listing produces iron ore in the Ukraine and has recently stepped up production recent gains suggests this one has further to go dyor..

while you guys were snoozing or waffling, you missed a very exciting day here
in fact, i think it all started to kick off about a week ago (could check but can't bothered)

chart at the top tells it all

hope all you chaps are already out of this one
sp now tumbling hard as the lemmings abandon ship

StockMarketWire.com
Ferrexpo has reinstated dividends after a strong performance in the year to the end of December in 'very challenging conditions'.

EBITDA rose 20% to US$375m (2015: US$313m) on higher revenues and lower costs.

Operating profit, excluding foreign exchange gains, increased buy 36% to US$307m and profit before tax rose by US$206m to US$231m.

Net cash flows from operating activities increased by 159%, or US$204m, to US$332m and net debt was reduced by 32% to US$589m at 31 December.

Other highlights:
- Cash balance increased by US$110m to US$145m as of 31 December 2016 (31 December 2015: US$35m)

- Dividend reinstated - final ordinary dividend of 3.3 US cents per share proposed (2015: nil) and special dividend of 3.3 US cents per share (2015: nil) payable on the 11 April 2017

Non-executive chairman Steve Lucas said: "In 2016, Ferrexpo demonstrated the strength of its business model and management team.

"In very challenging market conditions, where the iron ore price traded at eight year lows, the Group increased its net cash flows from operations by over 1.5 times to US$332 million compared to 2015.

"This allowed it to significantly reduce its financial leverage and strengthen its balance sheet. Net debt to EBITDA for the last 12 months was 1.57x compared to 2.78x as of 31 December 2015.

"Due to the Group's strong financial performance together with a positive outlook for 2017, I am pleased to announce a return to dividends.

"The iron ore pellet industry continues to have high barriers to entry given the capital intensity of new investment while demand for high grade ore, including pellet, remains strong.

"Ferrexpo is one of the largest iron ore pellet exporters in the world by volume and benefits from a well-invested asset base, a competitive cost position and a diversified high quality customer portfolio.

"The average 62% Fe iron ore fines price in 1Q 2017 (as of 20 March 2017) was approximately US$86 per tonne compared to the average of US$58 per tonne in 2016, while Ferrexpo's average pellet premium for 2017 is expected to be in line with the PLATTS Atlantic long-term contract pellet premium less adjustments for quality.

"The pellet premium has steadily recovered from lows seen in 1Q 2016 and now reflects tight market conditions. Costs remain subject to commodity prices, the Hryvnia exchange rate and inflation levels in Ukraine.

"Cash generation to date in 2017, has been strong and we expect the Group's net debt to EBITDA to improve further during the year.

"On the whole, these factors underpin a positive outlook for 2017."

Barclays comment today:
"Ferrexpo released a robust set of results this morning, with EBITDA coming in exactly in line with our forecast and +1% vs. consensus. EPS of 34c however was 10% light of our estimate due to higher tax rate of 18% vs. our assumed 13%. FY revenue was 1% ahead of our estimate on slightly better H2 realized price of $93/t vs. our estimated $86.4/t. C1 cost performance was decent, coming in at $29.7/t in H2, up 16% HoH and 2% below our estimate of $30.4/t. Unit costs were under upward pressure due to higher oil prices, lower production, flat FX and rising domestic inflation. As a result EBITDA rose 37% HoH in H2.
Cashflow performance strong: it had pre-reported a cash balance of $145m at Dec-16 vs. $44m at Jun-16 (+$101m) net of c.$75m of debt maturities. This was confirmed by the release with $166m FCF in 2H16 vs. $118m in 1H16, benefiting from $24m tax refunds into working capital. As a result net debt declined from $753m at June to $589m as of December, well below our forecast of $639m (consensus $632m). ND/EBITDA fell to 1.6x vs. 2.4x at June 2016 (1H annualized). The balance sheet is much improved with $201m of maturities due in 2017, to be met from cash balances of $145m and our forecast 2017 FCF of $204m. This should leave the company in a position to potentially refinance its bonds over the course of 2017 to address the $263m of maturities falling due in 1H18.
Surprise dividend reinstatement: on the back of strong cashflow generation FXPO has reinstated dividends at 3.3USc/sh (c.$19m) plus a special dividend of 3.3c/sh equivalent to a total yield of 6.7%. The dividend policy going forward is to pay a base divi of c.$40m (6.6c/sh) per year split equally between an interim and final dividend. This is in-line with dividends paid through 2008-11 (2012-14 was doubled to 13.2c/h including special). On top of the base level, if appropriate, special dividends will be paid from excess cash flows with management targeting a figure around c.$40m per year (6.6c/sh). The prospects for special dividends look demanding relative to our forecast $204m FCF (using $62.5/t CFR 62%) given $201m maturities and $145m cash, but more feasible on spot ($485m FCF).
Other guidance: cashflow generation in early 2017 is described as “strong”, pellet premiums in 1Q17 have recovered strongly, and development capex spend is expected to increase. Ferrexpo currently has one approved project to increase concentrate output by approximately 1.5mtpa for $50m, which will be incurred in 2017 and 2018. This compares to 2016 capex of $48m (all sustaining).

JP Morgan Cazenove today reaffirms its overweight investment rating on Ferrexpo PLC (LON:FXPO) and raised its price target to 220p (from 215p).