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For example, on March 29, there was an emergency shutdown for 12 hours and the company almost did not work. But then we got electricity and started working. On March 30, we were also limited to 20 MW. In the winter of 2023, we worked only at night, and during the day we were shut down,» said the top manager.
https://gmk.center/en/news/ferrexpo-plans-to-build-a-new-solar-power-plant-for-its-minings/
Don't underestimate the role high grade iron ore will play in lowering carbon emissions. In 5 - 10 years this company will be huge. The question is what the ownership structure looks like:
https://www.ft.com/content/80f37963-c718-4f8b-8d77-0f0d5b1c99fe
To cut emissions, the industry is exploring alternative approaches, such as direct reduced iron technology in which the ore is treated using hydrogen and carbon monoxide, rather than coke. Such processes require high-grade iron ore, which is increasingly hard to find in large quantities. The ore Rio Tinto plans to extract from Simandou has an average iron content of greater than 65 per cent, among the highest in the world. Baatar calls it the “caviar of iron ore”.
Demand growth expediating in Europe and Asia. Probably because FXPO (3rd largest producer) can actually ship there now.
No.
Fxpo can publish at any time within the 4 month period but obligation is to do so before the period is up.
No obligation to release 2023 results before Q1 update then?
It’s FXPOs continuing obligation under LR9 to publish. What they need to publish is under DTR4.
If they fail, then then the circumstances the FCA will suspend are in LR5, specifically LR5.1.2(2)
https://www.handbook.fca.org.uk/handbook/LR/5/?view=chapter
I see there is a production report due beforehand so perhaps they will update the market with their intentions for FY results at that time.
A company is required to publish its annual financial report within four months of the year end date, the audited financial statements need to be prepared in accordance with an applicable accounting standard (International Financial Reporting Standards (IFRS) or an equivalent standard). The half- yearly financial statement must be issued within three months after the end of the period to which it relates.
https://www.londonstockexchange.com/resources/raise-finance-resources?tab=main-market&accordionId=0-7b056b55-1e0f-4dfd-a5a9-62cb18252912
If they have to be out within 4 months then thats what they'll have to do.
https://www.msn.com/en-gb/news/world/exclusive-russia-ukraine-black-sea-shipping-deal-was-almost-reached-last-month-sources-say/ar-BB1lFnYG?ocid=msedgdhp&pc=U531&cvid=f913967113484235b8dabb0c31fc6b28&ei=60
Fxpo seems to be leaving publication final results very late which I thought are due 4 months after year end at the latest. It looks like it has got two weeks from today to get them out or would appear to face suspension by the fca listing rules. What are the chances it will succeed in doing so?
If in the 4th quarter of 2023 we shipped 350,000 tons of pellets, then in February it was almost 800,000 tons
Https://ifchorgalbraiths.com/research-insight/ukrainian-iron-ore-exports-feb-2024/
According to this article:
https://www.fastmarkets.com/insights/how-ukraines-war-torn-steel-industry-has-transformed/#:~:text=In%202023%2C%20Ukraine's%20total%20iron,the%20year%20preceding%20Russia's%20invasion.
Ukraine exported 28.4 million tonnes of iron ore in 2021. According to the fiqures below they export 9 million tonnes in Q1 2024. That means they are exporting at higher levels than before the war. I think this could be down to stock pilling over the last 2 years. Meaning bumper profits to be announced.
Https://gmk.center/en/news/ukraine-exported-3-34-million-tons-of-iron-ore-in-march/
The judge that cleared FXPO in the last Supreme Court case:
https://ukranews.com/en/news/998341-supreme-court-judge-kniaziev-included-in-register-of-corrupt-officials
Fair comments. Zhevago prob doesn't trust the government enough to come forward but he's worth well north of a billion so this wouldn't be that much of a knock to his lifestyle assuming money is all they want from him. @TwoCents, you're right about setting a precedent, but it may be worth it to get rid of the problem - not suggesting paying anywhere near the full amount tho. I don't think the market is too bothered about it, when it came back into the spotlight a couple of months back via RNS it only knocked 4p off the share price (87p down to 83p roughly) hence I think we are in extremely oversold territory now. Look how much money FXPO are able to make when their exports are not choked or bottlenecked. While they won't be shipping as much as they were via the black sea, they are now able to reach markets they haven't been able to get to properly for 2 years, £££.
When said deal I meant Zhevago not FXPO. The Ukrainian government are going to get his share one way or another. If he did a deal he could maybe walk away with something as opposed to nothing, and avoid jail time. Maybe. Hiding in another country and refusing to face the music only implies guilt. Not that I know much about these things. He’s unlikely to want to give up the billionaire life style but other Ukrainian oligarchs are doing jail time and lost their assets.
I don't comment on here much, but I've been in and out of FXPO for about 5 years. On the face of it a deal looks like a good idea, but IMO would be akin to paying a ransom - you then set a precedent and you're then potentially easy pickings in the future. If you think you're on the right side of the law, then fight it as high as you can in the court system. If Ukraine and their judicial system goes down the corruption road then they will shoot themselves in the foot for all the foreign investment needed to rebuild their country after this war.
Agree on a deal Alex, would give the market certainty and it's not as if Fxpo can't afford it.
I obviously see your view. FXPO have given 3.3billion to Ukraine during its time. They can't have it both ways. In some respects I hope they do screw it over, it will finally get me out of their corner. Shouldnt mess about with foreign companies when you have your begging bowl out 24/7. FXPO have paid their dues and that should be recognised. You would think the country officials would support the generation of tax. Anyway just over a week to go :)
I like your bullishness however am struggling to share it, because until the prelims are out the whole spectre of the lack of accounts sign off is paramount. The Ukraine govt has been milking this co with all sorts of tricks and wheezes, it is not a situation that has any clarity.
Which means it has a PE ratio of about 0.31 of 2021 earnings. Ridiculously cheap. Is this a value play or a value trap though? I'm confident Q1 production report is going to be positive. The legal issues are not going to go away however. The Ukrainian government are going to want to get Zhevago's share of the business one way or another. He'd (we'd) be best of if he did some kind of deal. Will the minority share holder get screwed over in the process? Which is often the case.
You have to realise this is now sub 50p a share with just a £270m market cap, Over 100m in the bank and no debt, adapting to every situation thrown at it. Almost paid out a dividend thats would now be worth a very sensible %! I'm confident divi will be reinstated. Same operational situation at 120p. My money is on seeing a big move on the April update.
The company has already stated they have stronger volume and growth this year. The biggest hurdle they had was not being able to use the seaports for exports. These exports resumed this year thanks to the safe corridor in the Black Sea. The issue surrounding the delay is the 20 year old legal case which pops up every so often, already been kicked out once by the Supreme court but someone fancied having another bash. Production and volume is obviously going to be a lot lot higher for Q1 as they have been utilizing another pellitizer thanks to being able to ship via the Black Sea as well as seeing an increase in rail transportation and selling through their stock piles thanks to improved transport. Personally I'm bullish as fook.
Provide company source announcing a delay.....or acknowledge you a talking ba11s as usual.....
Announcement of AGM was made last year on 14th April so announcement is not late...