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	<title>Proactiveinvestors United Kingdom Ferrexpo</title>
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		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[04.05.12 :-13, (272.3) Seymour Pierce reiterates its "buy" rating but cuts its price target to 464p.]]></description>
			<pubDate>Fri, 04 May 2012 00:00:00 +0100</pubDate>
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[03.05.12 :-8.3, (285.5) Renaissance upgrades its rating to "buy" from "hold".]]></description>
			<pubDate>Thu, 03 May 2012 00:00:00 +0100</pubDate>
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			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 24 Apr 2012 15:22:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</guid>
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			<title><![CDATA[RNS press release - 2012 AGM and Related Party Circular ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 13:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</guid>
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			<title><![CDATA[RNS press release - Proposed Purchase of RailCar Wagons ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 10:55:00 +0100</pubDate>
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			<title><![CDATA[News - Ferrexpo keeps sales steady in first quarter, output rises ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41725/ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html</link>
			<description><![CDATA[<p>
<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
</p>
</p> ]]></description>
			<pubDate>Fri, 20 Apr 2012 07:35:00 +0100</pubDate>
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			<title><![CDATA[RNS press release - Interim Management Statement ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</guid>
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[13.04.12 :+6.5, (294.6) Credit Suisse reiterates its "neutral" rating and cuts its price target to 350p from 380p.]]></description>
			<pubDate>Fri, 13 Apr 2012 00:00:00 +0100</pubDate>
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			<title><![CDATA[RNS press release - 2011 Annual Report and Accounts ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 12 Apr 2012 10:28:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</guid>
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		<item>
			<title><![CDATA[News - Broker upbeat on Ferrexpo's 2012 production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</link>
			<description><![CDATA[<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ]]></description>
			<pubDate>Wed, 11 Apr 2012 10:42:00 +0100</pubDate>
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		</item>
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			<title><![CDATA[News - Ferrexpo reveals slight increase in iron pellet production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Tue, 10 Apr 2012 07:47:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Q1 2012 Production Report ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 10 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Update on shareholder dispute ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 04 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo lays groundwork for the future  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</link>
			<description><![CDATA[<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>]]></description>
			<pubDate>Wed, 21 Mar 2012 08:13:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 16 Mar 2012 15:37:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</guid>
		</item>
		<item>
			<title><![CDATA[News - Brokers upbeat on Ferrexpo after record earnings  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</link>
			<description><![CDATA[<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ]]></description>
			<pubDate>Fri, 16 Mar 2012 12:40:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</guid>
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.]]></description>
			<pubDate>Thu, 15 Mar 2012 00:00:00 +0000</pubDate>
			<guid></guid>
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			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty - Update ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</link>
			<description><![CDATA[<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 14:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</guid>
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			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 09:34:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</guid>
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			<title><![CDATA[RNS press release - 2011 Full Year Results ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 14 Mar 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/</guid>
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	"id" => "41725",
	"title" => "News - Ferrexpo keeps sales steady in first quarter, output rises",
	"pubdate" => "2012-04-20 07:35:00",
	"seftitle" => "ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html",
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<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
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	"title" => "News - Broker upbeat on Ferrexpo's 2012 production",
	"pubdate" => "2012-04-11 10:42:00",
	"seftitle" => "broker-upbeat-on-ferrexpos-2012-production-41337.html",
	"description" => "<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html"
),
	array(
	"id" => "41265",
	"title" => "News - Ferrexpo reveals slight increase in iron pellet production",
	"pubdate" => "2012-04-10 07:47:00",
	"seftitle" => "ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html",
	"description" => "<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>&nbsp;</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html"
),
	array(
	"id" => "120410fxpo9471a",
	"title" => "RNS press release - Q1 2012 Production Report",
	"pubdate" => "2012-04-10 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/"
),
	array(
	"id" => "120404fxpo7748a",
	"title" => "RNS press release - Update on shareholder dispute",
	"pubdate" => "2012-04-04 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/"
),
	array(
	"id" => "40545",
	"title" => "News - Ferrexpo lays groundwork for the future ",
	"pubdate" => "2012-03-21 08:13:00",
	"seftitle" => "ferrexpo-lays-groundwork-for-the-future--40545.html",
	"description" => "<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html"
),
	array(
	"id" => "120316fxpo5441z",
	"title" => "RNS press release - Director/PDMR Shareholding",
	"pubdate" => "2012-03-16 15:37:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/"
),
	array(
	"id" => "40357",
	"title" => "News - Brokers upbeat on Ferrexpo after record earnings ",
	"pubdate" => "2012-03-16 12:40:00",
	"seftitle" => "brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html",
	"description" => "<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html"
),
	array(
	"id" => "",
	"title" => "Broker press",
	"pubdate" => "2012-03-15 00:00:00",
	"seftitle" => "",
	"description" => "15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.",
	"link" => ""
),
	array(
	"id" => "40239",
	"title" => "News - Ferrexpo beats forecasts despite economic uncertainty - Update",
	"pubdate" => "2012-03-14 14:00:00",
	"seftitle" => "ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html",
	"description" => "<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html"
),
	array(
	"id" => "40222",
	"title" => "News - Ferrexpo beats forecasts despite economic uncertainty",
	"pubdate" => "2012-03-14 09:34:00",
	"seftitle" => "ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html",
	"description" => "<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html"
),
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	"id" => "120314fxpo2969z",
	"title" => "RNS press release - 2011 Full Year Results",
	"pubdate" => "2012-03-14 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/"
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[04.05.12 :-13, (272.3) Seymour Pierce reiterates its "buy" rating but cuts its price target to 464p.]]></description>
			<pubDate>Fri, 04 May 2012 00:00:00 +0100</pubDate>
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			<description><![CDATA[03.05.12 :-8.3, (285.5) Renaissance upgrades its rating to "buy" from "hold".]]></description>
			<pubDate>Thu, 03 May 2012 00:00:00 +0100</pubDate>
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			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 24 Apr 2012 15:22:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</guid>
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		<item>
			<title><![CDATA[RNS press release - 2012 AGM and Related Party Circular ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 13:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Proposed Purchase of RailCar Wagons ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 10:55:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</guid>
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		<item>
			<title><![CDATA[News - Ferrexpo keeps sales steady in first quarter, output rises ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41725/ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html</link>
			<description><![CDATA[<p>
<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
</p>
</p> ]]></description>
			<pubDate>Fri, 20 Apr 2012 07:35:00 +0100</pubDate>
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			<title><![CDATA[RNS press release - Interim Management Statement ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</guid>
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[13.04.12 :+6.5, (294.6) Credit Suisse reiterates its "neutral" rating and cuts its price target to 350p from 380p.]]></description>
			<pubDate>Fri, 13 Apr 2012 00:00:00 +0100</pubDate>
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			<title><![CDATA[RNS press release - 2011 Annual Report and Accounts ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 12 Apr 2012 10:28:00 +0100</pubDate>
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			<title><![CDATA[News - Broker upbeat on Ferrexpo's 2012 production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</link>
			<description><![CDATA[<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ]]></description>
			<pubDate>Wed, 11 Apr 2012 10:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</guid>
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			<title><![CDATA[News - Ferrexpo reveals slight increase in iron pellet production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Tue, 10 Apr 2012 07:47:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</guid>
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			<title><![CDATA[RNS press release - Q1 2012 Production Report ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 10 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</guid>
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			<title><![CDATA[RNS press release - Update on shareholder dispute ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</link>
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			<pubDate>Wed, 04 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</guid>
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			<title><![CDATA[News - Ferrexpo lays groundwork for the future  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</link>
			<description><![CDATA[<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>]]></description>
			<pubDate>Wed, 21 Mar 2012 08:13:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</guid>
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			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</link>
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			<pubDate>Fri, 16 Mar 2012 15:37:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</guid>
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			<title><![CDATA[News - Brokers upbeat on Ferrexpo after record earnings  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</link>
			<description><![CDATA[<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ]]></description>
			<pubDate>Fri, 16 Mar 2012 12:40:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</guid>
		</item>
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.]]></description>
			<pubDate>Thu, 15 Mar 2012 00:00:00 +0000</pubDate>
			<guid></guid>
		</item>
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			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty - Update ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</link>
			<description><![CDATA[<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 14:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</guid>
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			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 09:34:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</guid>
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			<title><![CDATA[RNS press release - 2011 Full Year Results ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 14 Mar 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/</guid>
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	<title>Proactiveinvestors United Kingdom Ferrexpo</title>
	<link>http://www.proactiveinvestors.co.uk</link>
	<description>Proactiveinvestors United Kingdom Ferrexpo RSS feed
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	<pubDate>Tue, 22 May 2012 14:04:12 +0100</pubDate>
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		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[04.05.12 :-13, (272.3) Seymour Pierce reiterates its "buy" rating but cuts its price target to 464p.]]></description>
			<pubDate>Fri, 04 May 2012 00:00:00 +0100</pubDate>
			<guid></guid>
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		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[03.05.12 :-8.3, (285.5) Renaissance upgrades its rating to "buy" from "hold".]]></description>
			<pubDate>Thu, 03 May 2012 00:00:00 +0100</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 24 Apr 2012 15:22:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2012 AGM and Related Party Circular ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 13:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Proposed Purchase of RailCar Wagons ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 10:55:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo keeps sales steady in first quarter, output rises ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41725/ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html</link>
			<description><![CDATA[<p>
<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
</p>
</p> ]]></description>
			<pubDate>Fri, 20 Apr 2012 07:35:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41725/ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Interim Management Statement ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</guid>
		</item>
		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[13.04.12 :+6.5, (294.6) Credit Suisse reiterates its "neutral" rating and cuts its price target to 350p from 380p.]]></description>
			<pubDate>Fri, 13 Apr 2012 00:00:00 +0100</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2011 Annual Report and Accounts ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 12 Apr 2012 10:28:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</guid>
		</item>
		<item>
			<title><![CDATA[News - Broker upbeat on Ferrexpo's 2012 production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</link>
			<description><![CDATA[<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ]]></description>
			<pubDate>Wed, 11 Apr 2012 10:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo reveals slight increase in iron pellet production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Tue, 10 Apr 2012 07:47:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Q1 2012 Production Report ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 10 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Update on shareholder dispute ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 04 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo lays groundwork for the future  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</link>
			<description><![CDATA[<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>]]></description>
			<pubDate>Wed, 21 Mar 2012 08:13:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 16 Mar 2012 15:37:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</guid>
		</item>
		<item>
			<title><![CDATA[News - Brokers upbeat on Ferrexpo after record earnings  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</link>
			<description><![CDATA[<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ]]></description>
			<pubDate>Fri, 16 Mar 2012 12:40:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</guid>
		</item>
		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.]]></description>
			<pubDate>Thu, 15 Mar 2012 00:00:00 +0000</pubDate>
			<guid></guid>
		</item>
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			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty - Update ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</link>
			<description><![CDATA[<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 14:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 09:34:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2011 Full Year Results ]]></title>
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			<pubDate>Wed, 14 Mar 2012 07:00:00 +0000</pubDate>
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	"pubdate" => "2012-05-04 00:00:00",
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	"description" => "04.05.12 :-13, (272.3) Seymour Pierce reiterates its "buy" rating but cuts its price target to 464p.",
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	"pubdate" => "2012-05-03 00:00:00",
	"seftitle" => "",
	"description" => "03.05.12 :-8.3, (285.5) Renaissance upgrades its rating to "buy" from "hold".",
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	"id" => "120424fxpo9747b",
	"title" => "RNS press release - Director/PDMR Shareholding",
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	"title" => "RNS press release - Proposed Purchase of RailCar Wagons",
	"pubdate" => "2012-04-20 10:55:00",
	"seftitle" => "",
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	"id" => "41725",
	"title" => "News - Ferrexpo keeps sales steady in first quarter, output rises",
	"pubdate" => "2012-04-20 07:35:00",
	"seftitle" => "ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html",
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<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
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	"description" => "13.04.12 :+6.5, (294.6) Credit Suisse reiterates its "neutral" rating and cuts its price target to 350p from 380p.",
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	"title" => "RNS press release - 2011 Annual Report and Accounts",
	"pubdate" => "2012-04-12 10:28:00",
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	"id" => "41337",
	"title" => "News - Broker upbeat on Ferrexpo's 2012 production",
	"pubdate" => "2012-04-11 10:42:00",
	"seftitle" => "broker-upbeat-on-ferrexpos-2012-production-41337.html",
	"description" => "<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ",
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	"id" => "41265",
	"title" => "News - Ferrexpo reveals slight increase in iron pellet production",
	"pubdate" => "2012-04-10 07:47:00",
	"seftitle" => "ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html",
	"description" => "<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
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	"title" => "RNS press release - Q1 2012 Production Report",
	"pubdate" => "2012-04-10 07:00:00",
	"seftitle" => "",
	"description" => "",
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	"id" => "120404fxpo7748a",
	"title" => "RNS press release - Update on shareholder dispute",
	"pubdate" => "2012-04-04 07:00:00",
	"seftitle" => "",
	"description" => "",
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	"id" => "40545",
	"title" => "News - Ferrexpo lays groundwork for the future ",
	"pubdate" => "2012-03-21 08:13:00",
	"seftitle" => "ferrexpo-lays-groundwork-for-the-future--40545.html",
	"description" => "<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html"
),
	array(
	"id" => "120316fxpo5441z",
	"title" => "RNS press release - Director/PDMR Shareholding",
	"pubdate" => "2012-03-16 15:37:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/"
),
	array(
	"id" => "40357",
	"title" => "News - Brokers upbeat on Ferrexpo after record earnings ",
	"pubdate" => "2012-03-16 12:40:00",
	"seftitle" => "brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html",
	"description" => "<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html"
),
	array(
	"id" => "",
	"title" => "Broker press",
	"pubdate" => "2012-03-15 00:00:00",
	"seftitle" => "",
	"description" => "15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.",
	"link" => ""
),
	array(
	"id" => "40239",
	"title" => "News - Ferrexpo beats forecasts despite economic uncertainty - Update",
	"pubdate" => "2012-03-14 14:00:00",
	"seftitle" => "ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html",
	"description" => "<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html"
),
	array(
	"id" => "40222",
	"title" => "News - Ferrexpo beats forecasts despite economic uncertainty",
	"pubdate" => "2012-03-14 09:34:00",
	"seftitle" => "ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html",
	"description" => "<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html"
),
	array(
	"id" => "120314fxpo2969z",
	"title" => "RNS press release - 2011 Full Year Results",
	"pubdate" => "2012-03-14 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/"
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		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[04.05.12 :-13, (272.3) Seymour Pierce reiterates its "buy" rating but cuts its price target to 464p.]]></description>
			<pubDate>Fri, 04 May 2012 00:00:00 +0100</pubDate>
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[03.05.12 :-8.3, (285.5) Renaissance upgrades its rating to "buy" from "hold".]]></description>
			<pubDate>Thu, 03 May 2012 00:00:00 +0100</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 24 Apr 2012 15:22:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2012 AGM and Related Party Circular ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 13:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Proposed Purchase of RailCar Wagons ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 10:55:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo keeps sales steady in first quarter, output rises ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41725/ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html</link>
			<description><![CDATA[<p>
<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
</p>
</p> ]]></description>
			<pubDate>Fri, 20 Apr 2012 07:35:00 +0100</pubDate>
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		</item>
		<item>
			<title><![CDATA[RNS press release - Interim Management Statement ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</guid>
		</item>
		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[13.04.12 :+6.5, (294.6) Credit Suisse reiterates its "neutral" rating and cuts its price target to 350p from 380p.]]></description>
			<pubDate>Fri, 13 Apr 2012 00:00:00 +0100</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2011 Annual Report and Accounts ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 12 Apr 2012 10:28:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</guid>
		</item>
		<item>
			<title><![CDATA[News - Broker upbeat on Ferrexpo's 2012 production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</link>
			<description><![CDATA[<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ]]></description>
			<pubDate>Wed, 11 Apr 2012 10:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo reveals slight increase in iron pellet production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Tue, 10 Apr 2012 07:47:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Q1 2012 Production Report ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 10 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Update on shareholder dispute ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 04 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo lays groundwork for the future  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</link>
			<description><![CDATA[<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
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<p>&nbsp;</p>]]></description>
			<pubDate>Wed, 21 Mar 2012 08:13:00 +0000</pubDate>
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			<pubDate>Fri, 16 Mar 2012 15:37:00 +0000</pubDate>
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			<title><![CDATA[News - Brokers upbeat on Ferrexpo after record earnings  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</link>
			<description><![CDATA[<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ]]></description>
			<pubDate>Fri, 16 Mar 2012 12:40:00 +0000</pubDate>
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			<description><![CDATA[15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.]]></description>
			<pubDate>Thu, 15 Mar 2012 00:00:00 +0000</pubDate>
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			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty - Update ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</link>
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<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 14:00:00 +0000</pubDate>
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			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 09:34:00 +0000</pubDate>
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			<pubDate>Wed, 14 Mar 2012 07:00:00 +0000</pubDate>
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<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
</p>
</p> ]]></description>
			<pubDate>Fri, 20 Apr 2012 07:35:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41725/ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Interim Management Statement ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</guid>
		</item>
		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[13.04.12 :+6.5, (294.6) Credit Suisse reiterates its "neutral" rating and cuts its price target to 350p from 380p.]]></description>
			<pubDate>Fri, 13 Apr 2012 00:00:00 +0100</pubDate>
			<guid></guid>
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		<item>
			<title><![CDATA[RNS press release - 2011 Annual Report and Accounts ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 12 Apr 2012 10:28:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</guid>
		</item>
		<item>
			<title><![CDATA[News - Broker upbeat on Ferrexpo's 2012 production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</link>
			<description><![CDATA[<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ]]></description>
			<pubDate>Wed, 11 Apr 2012 10:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo reveals slight increase in iron pellet production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Tue, 10 Apr 2012 07:47:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Q1 2012 Production Report ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 10 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Update on shareholder dispute ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 04 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo lays groundwork for the future  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</link>
			<description><![CDATA[<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>]]></description>
			<pubDate>Wed, 21 Mar 2012 08:13:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 16 Mar 2012 15:37:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</guid>
		</item>
		<item>
			<title><![CDATA[News - Brokers upbeat on Ferrexpo after record earnings  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</link>
			<description><![CDATA[<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ]]></description>
			<pubDate>Fri, 16 Mar 2012 12:40:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</guid>
		</item>
		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.]]></description>
			<pubDate>Thu, 15 Mar 2012 00:00:00 +0000</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty - Update ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</link>
			<description><![CDATA[<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 14:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 09:34:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2011 Full Year Results ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 14 Mar 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/</guid>
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	"pubdate" => "2012-04-20 10:55:00",
	"seftitle" => "",
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	array(
	"id" => "41725",
	"title" => "News - Ferrexpo keeps sales steady in first quarter, output rises",
	"pubdate" => "2012-04-20 07:35:00",
	"seftitle" => "ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html",
	"description" => "<p>
<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
</p>
</p> ",
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	"description" => "13.04.12 :+6.5, (294.6) Credit Suisse reiterates its "neutral" rating and cuts its price target to 350p from 380p.",
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	"title" => "RNS press release - 2011 Annual Report and Accounts",
	"pubdate" => "2012-04-12 10:28:00",
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	array(
	"id" => "41337",
	"title" => "News - Broker upbeat on Ferrexpo's 2012 production",
	"pubdate" => "2012-04-11 10:42:00",
	"seftitle" => "broker-upbeat-on-ferrexpos-2012-production-41337.html",
	"description" => "<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html"
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	"id" => "41265",
	"title" => "News - Ferrexpo reveals slight increase in iron pellet production",
	"pubdate" => "2012-04-10 07:47:00",
	"seftitle" => "ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html",
	"description" => "<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>&nbsp;</p> ",
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	"title" => "RNS press release - Q1 2012 Production Report",
	"pubdate" => "2012-04-10 07:00:00",
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	"title" => "RNS press release - Update on shareholder dispute",
	"pubdate" => "2012-04-04 07:00:00",
	"seftitle" => "",
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	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/"
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	"title" => "News - Ferrexpo lays groundwork for the future ",
	"pubdate" => "2012-03-21 08:13:00",
	"seftitle" => "ferrexpo-lays-groundwork-for-the-future--40545.html",
	"description" => "<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
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	"id" => "120316fxpo5441z",
	"title" => "RNS press release - Director/PDMR Shareholding",
	"pubdate" => "2012-03-16 15:37:00",
	"seftitle" => "",
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	array(
	"id" => "40357",
	"title" => "News - Brokers upbeat on Ferrexpo after record earnings ",
	"pubdate" => "2012-03-16 12:40:00",
	"seftitle" => "brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html",
	"description" => "<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html"
),
	array(
	"id" => "",
	"title" => "Broker press",
	"pubdate" => "2012-03-15 00:00:00",
	"seftitle" => "",
	"description" => "15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.",
	"link" => ""
),
	array(
	"id" => "40239",
	"title" => "News - Ferrexpo beats forecasts despite economic uncertainty - Update",
	"pubdate" => "2012-03-14 14:00:00",
	"seftitle" => "ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html",
	"description" => "<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html"
),
	array(
	"id" => "40222",
	"title" => "News - Ferrexpo beats forecasts despite economic uncertainty",
	"pubdate" => "2012-03-14 09:34:00",
	"seftitle" => "ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html",
	"description" => "<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html"
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	"title" => "RNS press release - 2011 Full Year Results",
	"pubdate" => "2012-03-14 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/"
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[04.05.12 :-13, (272.3) Seymour Pierce reiterates its "buy" rating but cuts its price target to 464p.]]></description>
			<pubDate>Fri, 04 May 2012 00:00:00 +0100</pubDate>
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			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[03.05.12 :-8.3, (285.5) Renaissance upgrades its rating to "buy" from "hold".]]></description>
			<pubDate>Thu, 03 May 2012 00:00:00 +0100</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 24 Apr 2012 15:22:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120424fxpo9747b/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2012 AGM and Related Party Circular ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 13:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7761b/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Proposed Purchase of RailCar Wagons ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 10:55:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7531b/</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo keeps sales steady in first quarter, output rises ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41725/ferrexpo-keeps-sales-steady-in-first-quarter-output-rises-41725.html</link>
			<description><![CDATA[<p>
<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) kept sales steady at 2.2 million tonnes in the first three months of 2012, though prices and costs came under pressure.</p>
<p>The Ukraine-focused group said prices dipped by seven per cent over the three months to March reflecting the more difficult iron ore market and changes in customer mix.&nbsp;</p>
<p>Higher oil prices and local inflation also meant production cash costs rising by 17 per cent to $59.4 per tonne, though <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> used more of its own ore and cut costs to mitigate this.</p>
<p>Production rose by 6.3 per cent over the same quarter in 2011 and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> expects output to increase further as upgrades to its plant and operations kick in.</p>
<p>New site <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013 with the company removing 32 million cubic metres of overburden from the site so far.</p>
<p>The aim is to increase production by 20 per cent to 12 million pellets annually by 2014.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is also spending over US$210 million to improve the quality of all of its pellets to a premium standard 65 per cent iron content.</p>
<p>Net debt at end March was US$180.7 million, which the firm said predominately relates to recoverable VAT, of which approximately half is overdue. Repayments were received in February, March and April, the company said.</p>
<p>Michael Abrahams, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> chairman, said: "Production is up for the first quarter of this year as compared to 1Q 2011, a trend which is expected to continue as first ore from <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining comes on stream in 2013.</p>
<p>While costs remain under pressure, we continue to seek ways of mitigating these market driven price increases. The marketing team continues to make good progress expanding our global customer base.&rdquo;</p>
<p>&ldquo;All of the projects underway are on schedule and it remains the group's intention to produce one million tonnes of pellets per month from 2014," he added.</p>
<p>Separately, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> added it has taken out an option to purchase up to 500 newly built closed rail car wagons from Stahanov Rail Cars Plant.&nbsp;</p>
<p>The supplier is an associate of <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>'s chief executive Kostyantin Zhevago and the proposed acquisation is classified as a "related party transaction".</p>
<p>The closed wagons are to be used for the transportation of iron ore pellets from the Poltava mine to the Ukrainian border for delivery.</p>
<p>The miner added it needs its own logistic operations to support the expansion of its production to 12 million tonnes of pellets per annum.</p>
</p>
</p> ]]></description>
			<pubDate>Fri, 20 Apr 2012 07:35:00 +0100</pubDate>
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		</item>
		<item>
			<title><![CDATA[RNS press release - Interim Management Statement ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 20 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120420fxpo7173b/</guid>
		</item>
		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[13.04.12 :+6.5, (294.6) Credit Suisse reiterates its "neutral" rating and cuts its price target to 350p from 380p.]]></description>
			<pubDate>Fri, 13 Apr 2012 00:00:00 +0100</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2011 Annual Report and Accounts ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 12 Apr 2012 10:28:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120412fxpo1954b/</guid>
		</item>
		<item>
			<title><![CDATA[News - Broker upbeat on Ferrexpo's 2012 production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</link>
			<description><![CDATA[<p>Broker heavyweight JP Morgan said iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) made a solid start to the year after improved first quarter pellet production.</p>
<p>Total pellet production in the first quarter of 2012 was 0.5 per cent higher than in the first quarter of 2011.</p>
<p>However, JPM noted the 2012 first quarter production dipped 9.4 per cent from the final quarter of 2011. This was partly caused by adverse weather, which JPM said was to be expected in the first quarter.</p>
<p>The Ukrainian-focused miner also narrowly missed the run rate required to hit JPM&rsquo;s 2012 forecasts of 10 million tonnes.</p>
<p>It said the decline is also due to limited availability of third party concentrate in the Ukraine.</p>
<p>JPM, which remains neutral on the miner, added: &ldquo;We expect production to ramp up during the rest of the year.&rdquo;</p>
<p>Production from own raw materials in the first quarter was 2,258kt, 6.3 per cent higher than in the same quarter last year, which should benefit <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> profits.</p>
<p>&ldquo;We believe this is a better driver of company profitability given FXPO's margins on production from own raw materials are substantially higher than on production from purchased raw materials,&rdquo; said JPM.</p>
<p>Production of its premium 65% Fe pellets from own raw materials was 2.5 per cent lower.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>The share price rose 4 per cent to 284 pence this morning.</p> ]]></description>
			<pubDate>Wed, 11 Apr 2012 10:42:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41337/broker-upbeat-on-ferrexpos-2012-production-41337.html</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo reveals slight increase in iron pellet production ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Ukrainian iron producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) today revealed a slight increase in production during the first quarter of 2012.</p>
<p>The company makes metal pellets, containing either 62 or 65 per cent iron, which are used primarily in the production of steel, along with coking coal and smaller amounts of manganese or ferrochrome.</p>
<p>Total pellet production was up half a per cent compared with the same period last year, at 2.25 million tonnes. Within that, <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> produced 6.3 per cent more iron using its own ore than in the first quarter of last year.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> also said that production of the higher grade 65 per cent iron pellets increased 1.7 per cent.</p>
<p>A new mining operation is expected to boost production in the future with first ore expected to hit the processing facilities by the end of this year.</p>
<p>New equipment and transport infrastructure is also expected to enhance the operation.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s target is to double 2010&rsquo;s output to 20 million tonnes by 2016. And it believes it can deliver increased output by a third to 12 million tonnes by 2013.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Tue, 10 Apr 2012 07:47:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41265/ferrexpo-reveals-slight-increase-in-iron-pellet-production-41265.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Q1 2012 Production Report ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 10 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120410fxpo9471a/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Update on shareholder dispute ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 04 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120404fxpo7748a/</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo lays groundwork for the future  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</link>
			<description><![CDATA[<p>Iron ore pellet producer&nbsp;<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&nbsp;has been in business for over thirty years but its operations have gathered renewed momentum recently. The question is can it maintain the momentum?</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>]]></description>
			<pubDate>Wed, 21 Mar 2012 08:13:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40545/ferrexpo-lays-groundwork-for-the-future--40545.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Fri, 16 Mar 2012 15:37:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316fxpo5441z/</guid>
		</item>
		<item>
			<title><![CDATA[News - Brokers upbeat on Ferrexpo after record earnings  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</link>
			<description><![CDATA[<p>Brokers remain keen on iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) despite the headwinds battering the global economy.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> posted record 2011 underlying earnings of US$801 million, up 37 per cent from US$585 million and ahead of broker forecasts.</p>
<p>Broker Citi said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> had done well to carry the level of first half earnings through to the end of the year despite a tougher second half environment.</p>
<p>Underlying earnings came in 5 per cent ahead of Citi&rsquo;s projections as higher iron ore prices outstripped a 28 per cent increase in cash costs which the company attributed to commodity-related price inflation.</p>
<p>Iron ore pellets are used primarily in the production of steel. China is the world&rsquo;s largest steel consumer and producer and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is increasingly targeting its output towards Chinese steel mills.</p>
<p>Citi says <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> benefitted from its long-term relationships with customers and also this push towards Asian markets.&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> sales to Asia in 2011 rose to 40 per cent of its total compared to 27 per cent in 2010.</p>
<p>The company said it was on track with its investment programme, having more than doubled its capital expenditure last year in an attempt to boost output and quality.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is targeting a premium pellet grade of 65% Fe for all output in 2012.</p>
<p>Citi believes <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> will struggle to match last year&rsquo;s production, and because of that has trimmed its 2012, and 2013 earnings per share estimates but still keeps a 'buy' rating on the shares.&nbsp;</p>
<p>Cailey Barker an analyst at Numis also rates <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> as a low risk iron ore play and also maintained a 'buy&rsquo; stance.</p>
<p>The shares today are 337.8 pence.</p> ]]></description>
			<pubDate>Fri, 16 Mar 2012 12:40:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40357/brokers-upbeat-on-ferrexpo-after-record-earnings--40357.html</guid>
		</item>
		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[15.03.12 :-0.3, (340.6) JP Morgan reiterates its "neutral" rating and raised its price target to 340p from 325p.]]></description>
			<pubDate>Thu, 15 Mar 2012 00:00:00 +0000</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty - Update ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</link>
			<description><![CDATA[<p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.&nbsp;</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said its Poltava iron ore mine again ran at full capacity.</p>
<p>&nbsp;&ldquo;It&rsquo;s been an excellent year,&rdquo; said chairman Michael Abrahams.&nbsp;</p>
<p>&ldquo;Although there is likely to be increased volatility in the world economy in the short term, the group is well placed to continue to deliver sustainable value creation.&rdquo;</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to restrict dividend rises and use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million in 2011 from US$167 million as part of the plans to increase output by a third by the end of 2013.</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level of 9.7 million tonnes.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> is working to extend the mine life at Poltava to 2038 and expects improvements in the iron ore quality upgrading to result in 65% Fe pellets by the end of 2014.</p>
<p>New operation <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> Yeristovo Mining is set to deliver its first ore in 2012 after concentrator development was approved in 2011 and 60 per cent of stripping to first ore was completed.</p>
<p>Cash costs increased by 28 per cent to US$50.7 per tonne compared to $ 39.7 per tonne in 2010 and attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>Chief financial officer Chris Mawe said <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> was able to control the cost increases, which were felt by everyone across the market.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.&nbsp;</p>
<p>When asked about growth potential to the Chinese markets, chief exeutive Kostyantin Zhevago said he &lsquo;remains cautious&rsquo; but added the Middle East remains attractive due to <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a>&rsquo;s competitive advantage over more distant producers.</p>
<p>Asa Bridle, an analyst at broker Seymour Pierce, said 2011&rsquo;s results came in slightly ahead of its expectations.</p>
<p>&nbsp;&ldquo;The company has one of the largest iron ore resource bases in the world a considerable proportion of which is yet to be developed. The additional, unexploited resources add a further 69p/share to give our overall target price of 516p/share.&rdquo;</p>
<p>Shares rose 4p to 337.2p.</p>
</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 14:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40239/ferrexpo-beats-forecasts-despite-economic-uncertainty-update-40239.html</guid>
		</item>
		<item>
			<title><![CDATA[News - Ferrexpo beats forecasts despite economic uncertainty ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p>Iron ore pellet producer <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/ferrexpo-8737.html" class="companyPopupTrigger" rel="8737">LON:FXPO</a>) comfortably beat forecasts last year as record sales volumes and prices more than offset higher costs.</p>
<p>Underlying earnings rose by 37 per cent to US$801 million, compared to broker Deutsche Bank&rsquo;s forecast of US$789 million.</p>
<p>Revenues increased to US$1.8 billion from US$1.3 billion as the Swiss headquartered company with Ukrainian assets said production hit full capacity.</p>
<p>The dividend was held at 6.6 cents per share and <a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> said it intends to use its cash flow to fund a heavy investment programme.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/8737/Ferrexpo" class="companyPopupTrigger" rel="8737">Ferrexpo</a> more than doubled its capital expenditure to US$378 million from US$167 million as part of its plan to increase output by a third by the end of 2013.&nbsp;</p>
<p>The investment is intended to increase its output by 60 per cent to 20 million tonnes by 2016, double the 2010 level.</p>
<p>Cash costs increased by 28 percent to US$50.7 per tonne compared to $39.7 per tonne in 2010 attributed to commodity related price inflation and increases in gas, electricity and diesel prices.</p>
<p>The company supplies steel mills in Europe, China, India and Japan and is the largest exporter of pellets in the CIS.</p>
<p>Earnings per share increased 34.4 per cent to 97 cents from 72.2 cents.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Wed, 14 Mar 2012 09:34:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40222/ferrexpo-beats-forecasts-despite-economic-uncertainty-40222.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - 2011 Full Year Results ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 14 Mar 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120314fxpo2969z/</guid>
		</item>
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