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15 Apr 2009 07:00
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15 AprilΒ 2009
Interim Management Statement
FerrexpoΒ plc ("Ferrexpo" or the "Group")Β today issues itsΒ interim management statementΒ for the period from 1 January to 1 April 2009, in accordance with the UK Listing Authority's Disclosure and Transparency Rules.
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Production in Tonnes β000
|
Q1
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Q4
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Change
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Q1
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Change
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YTD
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YTD
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Change
|
|
Β
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2009
|
2008
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%
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2008
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%
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2009
|
2008
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%
|
|
Iron Ore
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6,192.1
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6,162.3
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0.5
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7,131.5
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(13.2)
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6,192.1
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7,131.5
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(13.2)
|
|
Concentrate
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2,287.6
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2,246.1
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1.8
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2,695.0
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(15.1)
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2,287.6
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2,695.0
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(15.1)
|
|
Pellets from produced raw materials
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1,883.3
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1,838.1
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2.5
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2,232.7
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(15.6)
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1,883.3
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2,232.7
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(15.6)
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62% Fe
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905.9
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815.4
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11.1
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1,279.4
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(29.2)
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905.9
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1,279.4
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(29.2)
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65% Fe
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977.4
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1,022.7
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(4.4)
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953.3
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2.5
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977.4
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953.3
|
2.5
|
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Pellets Total
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1,883.3
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1,933.7
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(2.6)
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2,268.2
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(17.0)
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1,883.3
|
2,268.2
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(17.0)
|
|
62% Fe
|
905.9
|
911.0
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(0.6)
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1,314.9
|
(31.1)
|
905.9
|
1,314.9
|
(31.1)
|
|
65% Fe
|
977.4
|
1,022.7
|
(4.4)
|
953.3
|
2.5
|
977.4
|
953.3
|
2.5
|
Highlights
Production
Total pellet productionΒ reducedΒ slightlyΒ by 2.6% compared toΒ Q4 2008,Β impacted byΒ adverse weather conditions in January
Full production achieved in MarchΒ in line with prior year
Higher grade 65% Fe pelletΒ outputΒ increased by 2.5% compared to the same period last year
Costs
Average C1 cash cost of production for Q1 2009 wasΒ US$37.4/t
Lower production in JanuaryΒ increasedΒ average costs butΒ wasΒ offset by lower costs in March
March C1 cost wasΒ US$35.0/tΒ -Β in line withΒ December 2008
Sales andΒ Prices
Sales volume in Q1 2009 wasΒ 1,722kt
Average achievedΒ DAF/FOBΒ price in Q1 2009 wasΒ US$76.7/t
Seaborne spot sales continue to compensate for weaker contract markets
Kostyantin Zhevago,Β Ferrexpo CEO, said:
"FerrexpoΒ remainsΒ flexibleΒ in the face of continuing market volatility. We have been able toΒ keep our costs low while successfully ramping production back up to full capacity in March and placing substantially all of ourΒ production in the market during the first quarter. WeΒ continue to trade profitably."
Next Update
Ferrexpo will issueΒ a brief trading update to coincide withΒ itsΒ Annual General Meeting on 19 MayΒ 2009.
For further information, please contact:
Ferrexpo: +44 207 389 8304
Gavin Mackay
Finsbury: +44 207 251 3801
Robin Walker
Peter Russell
Notes to Editors:
Ferrexpo is a Swiss headquartered resourcesΒ GroupΒ with assets in Ukraine, principally involved in the production and export of iron ore pellets, used in producing steel. CurrentΒ output is over 9 million tonnesΒ per annum,Β mostΒ of which is exported toΒ steelmakers around the world. The Group isΒ listed on the main market of the London Stock Exchange under the ticker FXPO.Β For further information please visitΒ www.ferrexpo.com.
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