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Share Price Information for Ferrexpo (FXPO)

London Stock Exchange
Share Price: 206.40
Bid: 205.20
Ask: 205.60
Change: 5.50 (2.74%)
Spread: 0.40 (0.19%)
Open: 203.50
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Ferrexpo plc - Production Report for Q4 2018'

Tue, 8th Jan 2019 07:00

RNS Number : 4223M
Ferrexpo PLC
08 January 2019
 

 

8 January 2019

 

Ferrexpo plc

("Ferrexpo", the "Group" or the "Company")

 

Trading Update and 4Q 2018 Pellet Production

 

2018 trading summary:

·    4Q 2018 total pellet production up 7.2% vs. 3Q 2018 to 2.9MT (3Q 2018: 2.7MT).

·    2018 total pellet production up 1.6% vs 2017 to 10.6MT (2017: 10.4MT).

·    Total 2019 pellet production is expected to be in line with 2018 at 10.6MT as a result of ongoing maintenance. 

·    2018 sales volumes will be approximately 10.2 MT (2017 sales volumes: 10.5MT). Sales volumes were impacted by reduced barge shipments given the low water levels on the Danube River in 2H 2018. Slower than expected rail shipments in December 2018 and the timing of a capesize shipment falling into January 2019 also impacted sales volumes. The Group expects these sales volumes to be caught up in 1H 2019. 

·    The Group's average received price was approximately 9% higher in 2018 compared to 2017, reflecting stronger premiums for higher quality iron ore, including higher average pellet premiums, offset by a slightly lower average 62% Fe iron ore fines price and higher international freight rates.

·    The full year average 2018 cash cost of production is expected to be approximately US$44 per tonne compared to US$33 per tonne in 2017 due to higher energy prices and increased mining costs.

·    Net debt as of 31 December 2018 was approximately US$340M (31 December 2017: US$403M). The Group's cash balance as of 31 December 2018 was approximately US$60M while undrawn available debt facilities amounted to US$205M. 

 

 

4Q 2018 Pellet Production

 

000' tonnes

4Q 2018

3Q 2018

Change

FY 2018

FY 2017

Change

Pellet production from own ore

2,764.60

2,659.85

3.9%

10,506.16

10,394.44

1.1%

  - 62% Fe pellets

197.92

167.44

18.2%

682.49

558.70

22.2%

  - 65% Fe pellets

2,566.68

2,492.41

3.0%

9,823.67

9,835.74

-0.1%

 

 

 

 

 

 

 

Production from third party materials

86.50

0.00

 

101.00

49.56

103.8%

  - 62% Fe pellets

0.00

0.00

 

0.00

0.00

 

  - 65% Fe pellets

86.50

0.00

 

101.00

49.56

103.8%

 

 

 

 

 

 

 

Total Pellets Produced

2,851.10

2,659.85

7.2%

10,607.16

10,444.00

1.6%

  - 62% Fe pellets

197.92

167.44

18.2%

682.49

558.70

22.2%

  - 65% Fe pellets

2,653.18

2,492.41

6.5%

9,924.67

9,885.30

0.4%

 

 

For further information contact:

Ferrexpo:                            

 

Ingrid McMahon

 

+44 207 389 8304

 

Maitland:

 

James Isola

+44 207 379 5151

 

 

 

Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for 40 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. In 2018, the Group produced 10.6 million tonnes of pellets ranking it as the 3 largest exporter of pellets to the global steel industry with a market share of approximately 8.5%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey and Vietnam. Ferrexpo has a premium listing on the main market of the London Stock Exchange under the ticker FXPO. For further information, please visit www.ferrexpo.com

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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