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Ferrexpo PLC - Baar, Switzerland-headquartered iron ore pellets producer in Ukraine - Updates on proceedings against the group’s subsidiary Ferrexpo Poltava Mining in Ukraine. FPM has now received information that a civil claim was filed seeking joint liability of FPM and its general director for damages amounting to around $3.76 billion in favour of the Ukrainian state. Notes initial accusations on the illegal sale of waste products have transformed into accusations that FPM is illegally mining and selling subsoil, which is said to have caused damage to the environment. FPM rejects these allegations in their entirety on the basis that there was no illegal extraction of the subsoil. FPM mines and extracts iron ore according to its mining licence. The iron ore is then processed to produce iron ore pellets. As a result of these processes, any waste that is leftover is stockpiled in accordance with best mining practices and in compliance with environmental standards. Based on information received by the group and with advice from Ukrainian legal counsel, FPM is of the view that these accusations and claims are without merit and FPM intends to vigorously defend its position in the Ukrainian courts. The operations of the group remain unaffected. Current stock price: 64.10 pence, down 38% in London on Tuesday 12-month change: down 27% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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