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(Sharecast News) - Ferrexpo reported a jump in quarterly production on Tuesday after the successful ramp up of its concentrator expansion project.
Updating on fourth-quarter trading and production, the Swiss-based company, which has assets in Ukraine and is listed in London, said total ire ore production rose 22% quarter-on-quarter to 3.1m tonnes.
Total full-year production was 11.2mt, up 7% on the previous year, while production of high-quality 65% and 67% pellets represented 99% of total pellet production, up slightly on 2019's figure of 96%.
Total full-year sales volume was 12.1mt, ahead 18% on 2019, while the group net cash position at the year-end was $4m, which the group attributed to its "strong financial and operational performance in 2020".
Ferrexpo mines, processes and sells iron ore pellets to the steel industry. It is the world's third-largest exporter of pellets with a market share of around 9%.
Peel Hunt said: "The completion of incremental capacity in the plant has seen production at an annualised rate of just over 12mt pa for the first time.
"The fourth-quarter did include a small volume of 67% direct reduction pellets, having shut down production of 62% pellets earlier in the year. Management also indicated that the balance sheet has swung to a small net cash position, a large shift from the $174m net debt position at 30 June."
As at 1215 GMT, shares in Ferrexpo were ahead 1% at 342.0p.
Ferrexpo also announced on Tuesday that it had appointed Liberum Capital financial advisor and corporate broker.
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