(Alliance News) - Ferrexpo PLC on Wednesday said it is now receiving enough power to bring one pelletiser back into operation in central Ukraine.
The Swiss-headquartered iron ore company with assets in Ukraine said the revival of one pelletiser, alongside its stockpile material, would allow the company to meet the requirements of existing customer contracts.
The company suspended operations in October, when a Russian missile strike damaged state-owned electrical infrastructure nearby, leaving Ferrexpo with a limited power supply.
Ferrexpo said approximately 300,000 tonnes of pellets had been produced so far in the fourth quarter, "as a result of interruptions, and continued instability, within the state-owned electricity network that have been experienced in the fourth quarter of 2022".
Total pellet production for 2022 is expected to be between 5.9 million and 6.0 million tonnes, compared with financial 2021 production of 11.2 million tonnes, which itself was a 6% decrease from financial 2020.
The company said shipments to customers in the fourth quarter have continued at a run rate of around 250 kilotonnes per month.
Ferrexpo shares were up 1.4% trading at 164.30 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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Ferrexpo (FXPO)