Ferrexpo plc is a Swiss headquartered resource company with assets in Ukraine. We are principally involved in the production and export of iron ore pellets, which are used in the manufacture of steel. Our asset base comprises one of the largest iron ore resources in the world.
We produce around ten million tonnes of iron ore pellets per year and with several growth projects in place are aiming to double future production. We are committed to becoming a leading global supplier of iron ore pellets, providing outstanding service to our customers and strong returns to our shareholders.
We became the first Ukrainian company to be listed on the main market of the London Stock Exchange (ticker: FXPO) following a successful Initial Public Offering on 15 June 2007. We are a member of the FTSE 250 UK Index.
Ferrexpo plc is the only pure-play iron ore company currently listed on the London Stock Exchange.
14/05/13Ferrexpo's sales volumes rise year-on-year
15/03/13Ferrexpo ramp-up will be major milestone, says broker
15/03/13Ferrexpo unveils special dividend despite profits tumble
16/01/13UPDATE: Ferrex secures potentially ‘transformational’ iron project in Gabon
03/12/12Ferrexpo to benefit from weaker Ukrainian currency
No documents available.
Ferrexpo plc is principally involved in the production and export of iron ore pellets to the global steel industry. Backed by one of the largest iron ore resources in the world, our aim is to realise the potential of our unique resource. We are the largest exporter of pellets in the Commonwealth of Independent States and a top ten pellet producer in the global seaborne iron ore market.
At the core of our business is the Kremenchuk Magnetic Anomaly, a 50km iron ore strike, located on the River Dnieper in central Ukraine. This has approximately 20 billion tonnes of iron ore resource, across ten deposits.
The two deposits currently being mined produce crude ore with an iron content of around 30%, which is processed and converted to iron ore pellets with an iron content of 62% and 65%. These pellets are used by steel mills in blast furnaces to make iron and steel, and they have positive process and environmental qualities as compared to other forms of iron ore input materials.
Sales and logistics are carried out by a specialist marketing division with offices in Baar, Dubai, Kiev, Shanghai and Singapore. Our principal customers are in Eastern, Central and Western Europe, China and Japan and we have excellent access to our global customer base through our Black Sea port in Yuzhny and via Europe’s extensive rail and waterway network.
We produce around ten million tonnes of pellets annually but are seeking to increase this through a phased capital investment programme. The first phase of investment involves the modernisation and debottlenecking of our production facilities as well as an increase in quality to achieve full production of Premium 65% Fe iron pellets. We are investing to extend the current Poltava mine life to 2038 and by the end of 2012, we expect to be mining a third deposit, which will enable us to increase pellet output to 12 million tonnes by the end of 2013.
Future plans are to increase production output to 20 million tonnes through the construction of a new processing facility, the development of which is expected to be approved by the Ferrexpo Board in 2012.
Ferrexpo Produces Iron Ore Pellets
- Premium 65% Fe
- Basic 62% Fe
We have one of the largest iron ore resource bases in the world. To date, 6.4 billion tonnes have been converted to the JORC system of classification, with a further 14.2 billion tonnes remaining classified under the former Soviet Union GKZ system.
Ferrexpo Poltava Mining Pit
Continuous Mining Operations
Operating to Best International Standards
Michael Abrahams was appointed to the Board in June 2007. He is also Chairman of the London Clinic and the Prudential Staff Pension Scheme.
He was Deputy Chairman of Prudential plc until May 2000 and has served as chairman and as a director of a number of quoted and unquoted companies and pension schemes.
Oliver Baring joined the Board on 1 December 2007. He has been chairman of Mwana Africa plc since its reverse takeover of African Gold plc in September 2005.
He retired from UBS Warburg in 2001, having led the International Mining Group with responsibility for Africa and Europe. Previously he was head of the UBS Warburg mining equity sales team and was responsible for its respected coverage and sales capability. He was a partner in Rowe and Pitman before its merger with SG Warburg. He is non-executive chairman of First Africa Holdings Limited, and is a non-executive director of Blackrock World Mining Trust plc as well as a member of the Advisory Council of Sentient Resources Fund.
Ihor Mitiukov joined the Board on 14 June 2007. He is the managing director and head of country for Ukraine, Morgan Stanley. He was the general director of the Financial Policy Institute until March 2008.
From 2002 to 2005 he served as Extraordinary and Plenipotentiary Ambassador of Ukraine in the United Kingdom. He also represented Ukraine in the International Maritime Organisation. From 1997 to 2001 he served as Minister of Finance of Ukraine and, from 1995 to 1997, as Ukraine’s Special Representative (with Vice-Prime Ministerial status) to the European Union in Brussels. In 1994, he was deputy governor of the National Bank of Ukraine and then Vice-Prime Minister of Ukraine for Banking and Finance. Prior to that, he held various positions at Agrarian-Industrial Bank Ukraine, and was appointed as its deputy governor in 1992. Ihor Mitiukov graduated from the Cybernetics Department, Kyiv State University and has a PhD in Economics (1985) from the Institute of Economy, Academy of Sciences (Ukraine).
Wolfram Kuoni joined the Board on 14 June 2007. He is the founder and senior partner of Kuoni Attorneys-at-Law, Zurich, Switzerland, and serves on a number of boards of directors.
He has over 12 years of experience in investment banking. Prior to 2005, he held a number of positions within UBS Investment Banking (Zurich and New York), including head of the European Export and Project Finance Team. He also originated and structured cross-border acquisitions and equity capital markets transactions. He graduated with a law degree from the University of Bern, and holdsa doctorate in law from the University of Zurich and an MBA from INSEAD in France. He is a member of the Zurich Bar.
Lucio Genovese joined the Board on 14 June 2007. He is Chief Executive Officer of Nage Capital Management, a Swiss-based advisory and proprietary company specialising in the metals and mining sector.
He is the non-executive Chairman of Firestone Diamonds plc and serves on a number of other boards of directors. He has previously served as investment officer and a member of the board of Taj Investment Limited with responsibility for its Indian public and private investment portfolio. Prior to that, he held a number of positions with Glencore International, including senior member of the Copper Division, CEO of CIS Operations, manager of the Moscow office and trader in the Ferrous Division. He is a Chartered Accountant (South Africa).
Kostyantin Zhevago joined the Board as a Non-executive Director on 14 June 2007 and was appointed Chief Executive on 1 November 2008.
He is ultimately the controlling shareholder of Ferrexpo. He has been a member of the Ukrainian Parliament since 1998. He is currently a member of the Parliamentary Committee on Law Policy and Chairman of the Parliamentary Group for Inter-Parliamentary Relations with Japan. Since 2002, he has been a member of the permanent delegation of the Ukrainian Parliament in the Parliamentary Assembly of the European Council and a member of the Ukrainian faction of the Committee for Parliamentary Cooperation between Ukraine and the European Union. He has previously served as chairman of the management board and deputy chairman of the supervisory board of CJSC Commercial Bank Finance and Credit (‘Bank F&C’) and as a member of the supervisory board of JSC Ukrnafta. Between 1993 and 1996, he was financial director of F&C Group of companies. He is a non-executive director of New World Resources plc, a subsidiary of BXR Group Limited. He graduated from the Kyiv State Economic University in 1996, specialising in international economics.
Chris Mawe joined the Board on 7 January 2008. He qualified as a Chartered Accountant with Coopers and Lybrand in 1991, having gained a First Class Honours degree in Engineering.
He has held senior financial positions for the past 16 years, firstly with IMI plc both in the UK and Europe, and then with Carclo plc as finance director. Most recently he was finance director of UK Coal plc.
Mike Salamon joined the Board on 27 March 2009. He is executive chairman of New World Resources plc, a subsidiary of BXR Group Limited.
He is also a non-executive member of the board of directors of the New World Resources subsidiary OKD, and a non-executive director of Central Rand Gold, Gem Diamonds and Minera las Cenizas. With a career spanning more than 30 years, recently with BHP Billiton, he has extensive knowledge of the international mining and extractive industries. Between 2003 and 2006, he served as an executive director of BHP Billiton with responsibilities for the aluminium, copper and nickel businesses. From 2001 to 2006, he also chaired BHP Billiton’s Operating Committee, which was accountable for inter alia the BHP Billiton group’s health, safety and environment, projects, purchasing and operating excellence.
In 2001 he oversaw the merger integration of Billiton plc and BHP Limited. He was a co-founding director of Billiton plc in 1997, and oversaw the company’s listing on the London Stock Exchange in 1997. Before 1997 he held a number of positions, first at Anglo-American and later in the coal divisions of Shell and Gencor Ltd. He graduated in 1975 from The University of the Witwatersrand, Johannesburg with a degree in Mining Engineering (Cum Laude) and obtained an MBA from the London Business School, University of London in 1981.
Information updated from Ferrexpo website 16.04.2012
Telephone: +41 41 769 3660
2-4 King Street
Telephone: +44 207 389 8300
Ferrexpo Poltava Mining
16 Stroiteley Street
Tel: +44 20 7588 2828
1 Great Winchester Street
Tel: +44 20 7545 8000
Ernst & Young LLP
1 More London Place
Tel: +44 20 7951 2000
Tel: 0871 384 2030 (+44 121 415 7047 from outside UK)
Group Manager Investor Relations and Corporate Communications
Tel: +44 20 7389 8304
Email: [email protected]
Chief Financial Officer
Tel: +41 41 769 3660
Interim Investor Relations and Communications Manager
Tel: +44 207 389 8306
Email: [email protected]