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Ferrexpo PLC on Monday said its production and export activities continue in Ukraine, despite the challenging environment, although it is not yet in a position for an equity fundraise. The Baar, Switzerland-headquartered iron ore producer said it ‘continues to operate under highly constrained conditions’ in Ukraine, due to the ongoing war and related financial and operational issues which have driven ‘significant interruptions’. However, Ferrexpo said it continues to operate one of its four pellet lines and to export its products to European and Middle Eastern customers. It also ‘remains focused on managing its costs and optimising its sales mix in order to maximise its working capital runway.’ Ferrexpo noted that it has received net proceeds of $7.7 million from the sale of its ’Iron Destiny’ transshipping vessel. Subsequently, it believes it has sufficient net accessible cash to fund it beyond the end of August, based on its optimised sales mix, current production rates, and both current and forecast energy prices over the next quarter. However, it noted that this estimate remains subject to volatility in iron ore prices and to operating expenses. It also assumes no material changes to its operating conditions, no restrictive measures being imposed by Ferrexpo Poltava Mining’s insolvency manager and no final, non-appealable negative outcomes to its various legal and administrative proceedings. Ferrexpo also said it continues to actively advance its workstreams to reach a position from which it can launch a minimum $100 million equity fundraise, which it still believes is ‘the most viable solution in the timeframe required.’ However, it cautioned that there can be no certainty that it will be successful in concluding such funding options, and that it could experience ‘negative consequences’ if funding issues and the withholding of VAT are not resolved in time. The company intends to publish its second-quarter production update on July 15. Shares in Ferrexpo have been suspended from trading in London since May 1. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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