Proactiveinvestors United Kingdom Ferrexpo PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Ferrexpo PLC RSS feed en Mon, 24 Jun 2019 12:46:36 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190607160700_14103715/ Fri, 07 Jun 2019 16:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190607160700_14103715/ <![CDATA[News - Ferrexpo probe into charity donations yet to find any conclusive evidence of wrongdoing ]]> https://www.proactiveinvestors.co.uk/companies/news/221710/ferrexpo-probe-into-charity-donations-yet-to-find-any-conclusive-evidence-of-wrongdoing-221710.html Ferrexpo PLC (LON:FXPO), the iron ore miner, had some much needed good news for its shareholders in the form of an upbeat trading statement and an apparent clean bill of health over charity donations it made.

Ahead of its annual general meeting today, the company said the group’s underlying earnings (EBITDA) in the first half of 2019 are expected to be materially higher than in the same period of last year.

READ Liberum sees value in Ferrexpo shares after drop over charity discrepancies probe

In the year to date, the improvement in profitability has been driven by higher pricing, production and sales volumes.

While the average cash cost – C1 cost in the industry jargon – of production is likely to increase in the first half of the current fiscal year compared to last year, cost inflation has been lower than expected due to a fall in the Brent oil price and the European gas price partially offset by an appreciation of the Ukrainian hryvnia versus the US dollar.

The company, which fell out with its former auditor, Deloitte, over a review into controversial donations to the Blooming Land charity in Ukraine, said it has appointed an independent non-executive director, Graeme Dacomb, to chair the audit committee and lead the search for a new auditor. Dacomb will be a member of the independent review committee that is looking into matters relating to Blooming Land.

Dacomb was a partner at Deloitte rival, Ernst and Young, for 26 years.

#fxpo - Ferrexpo PLC

"Group EBITDA in 1H 2019 is expected to increase materially compared with 1H 2018"

1. revenue - higher pricing, production and sales volumes
2. costs - #Oil and #Gas lower benefits too.

pe ~ 4.2

=> expect to do well if this continues. pic.twitter.com/qAl1L1uhDQ

— darren (@dlefcoe) June 7, 2019

"Ferrexpo continues to be well positioned to supply a high quality iron ore product to the top steel mills in the world receiving a record price premium for its product. The group's balance sheet remains strong with net debt expected to further reduce compared to 31 December 2018,” said Steve Lucas, the chairman of Ferrexpo.

“The independent review into how Ferrexpo's donations to a third party charity in Ukraine were used remains ongoing,” he added.

“To date, after a significant amount of work on the part of our forensic accountants and legal advisors, there has been no conclusive evidence of any wrongdoing,” Lucas said.

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Fri, 07 Jun 2019 07:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221710/ferrexpo-probe-into-charity-donations-yet-to-find-any-conclusive-evidence-of-wrongdoing-221710.html
<![CDATA[RNS press release - Trading update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190607070004_14102316/ Fri, 07 Jun 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190607070004_14102316/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190515162044_14075481/ Wed, 15 May 2019 16:20:44 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190515162044_14075481/ <![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190514154347_14073783/ Tue, 14 May 2019 15:43:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190514154347_14073783/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190502172800_14061565/ Thu, 02 May 2019 17:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190502172800_14061565/ <![CDATA[News - Liberum sees value in Ferrexpo shares after drop over charity discrepancies probe ]]> https://www.proactiveinvestors.co.uk/companies/news/219478/liberum-sees-value-in-ferrexpo-shares-after-drop-over-charity-discrepancies-probe-219478.html A 30%-plus fall in Ferrexpo PLC (LON:FXPO) shares over the past fortnight has persuaded broker Liberum Capital to upgrade its recommendation for the stock as it thinks worries about controversial charity payments are likely to blow over.

Liberum moved its rating for the FTSE 250-listed firm to ‘buy’ from ‘hold’ and lifted its target price to 250p from 185p as it outlined several “objective and subjective reasons” to back up its theory about the Ukraine-focused iron ore miner, which has launched a review into payments made to Ukraine charity Blooming Land. Ferrexpo has paid US$110mln to the charity over the past 10 years, as part of its corporate social and responsibility programme in the Ukraine.

READ: Ferrexpo shares rally as it rejects assertion by Deloitte over Blooming Land charity review

The company on Monday rejected an assertion by former auditor Deloitte that it had delayed this review, having initially become suspicious about Blooming Land in the first half of last year, ceasing payments to the charity last May as it tried a “cooperative route” to its investigation before moving to an independent review in February this year.

Liberum analyst Richard Knight said he thought it was “highly unlikely management knew of or suspected any (potential) misallocation of funds” before May 2018. “Assuming this becomes clearer following completion of the independent review, we expect the shares will rebound, despite our view of further softness in Chinese steel demand and a pull back in benchmark iron ore prices.”

Knight, who has covered the Swiss-headquartered group for 10 years, said that the only doubts raised over the independence of chief executive and majority shareholder Kostyantyn Zhevago from Blooming Land have been by Deloitte, “which has not alleged any link, rather, it has not been able to absolve the possibility that there is a link".

Deloitte, Knight observed, has pointed to a significant number of "potential associations and linkages adjacent to the CEO" and Blooming Land, which are being investigated as part of the independent review. But the analyst took confidence from the Ferrexpo board's unanimous view that Zhevago has "not had significant influence over Blooming Land” based on “a lack of clear evidence to the contrary and unambiguous representations given to the board by the CEO over many years".

READ: Ferrexpo increases dividends and boasts “successful” 2018

Having delayed its 2018 annual results twice, the miner published them last Tuesday, which Knight said was, “in part”, one of the causes for Deloitte’s resignation, “due to a technicality”, because the company had to publish its results for 2018 before the conclusion of the independent review into the case.

Knight also added: “The incentive for the CEO to knowingly participate in misappropriation of funds isn't obvious given the relative risk reward. Zhevago owns 51% of the company (worth circa US$800mln) and his dividend last year was worth about half the amount paid to Blooming Land in the previous five years.”

Also, subjectively, the analyst said that covered the company for 10 years has has “never had any doubts as to the integrity of management who we believe have always acted in the best interests of minority UK shareholders in what is a difficult operating environment in the Ukraine”.

“Looking ahead there is clearly scope for internal controls to be strengthened, but operational risks of this nature will always be high for a company like Ferrexpo and should be reflected in the valuation.”

In afternoon trading, shares in Ferrexpo were 4.8% higher at 217.30p.

 -- Adds share price --

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Wed, 01 May 2019 13:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219478/liberum-sees-value-in-ferrexpo-shares-after-drop-over-charity-discrepancies-probe-219478.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190501070014_14058467/ Wed, 01 May 2019 07:00:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190501070014_14058467/ <![CDATA[RNS press release - Publication of 2018 Annual Report and Accounts ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190430164347_14057993/ Tue, 30 Apr 2019 16:43:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190430164347_14057993/ <![CDATA[News - Ferrexpo shares rally on Monday as it rejects assertion by former auditor Deloitte over Blooming Land charity review ]]> https://www.proactiveinvestors.co.uk/companies/news/219266/ferrexpo-shares-rally-on-monday-as-it-rejects-assertion-by-former-auditor-deloitte-over-blooming-land-charity-review-219266.html Ferrexpo PLC (LON:FXPO) shares rallied on Monday as the iron-ore company rejected the assertion by its former auditor Deloitte that it had delayed a review into controversial donations to the Blooming Land charity in Ukraine.

In a statement, the FTSE 250-listed miner sought to present its version of events following the resignation last week of Deloitte as its auditor.

READ: Ferrexpo increases dividends and boasts “successful” 2018

Deloitte had said it told Ferrexpo in October 2018 that if Blooming Land did not supply original bank statements by the end of that month, the company should start an independent forensic investigation.

The auditor has said it had not been given enough evidence to show that US$33.5mln of donations to Blooming Land by Ferrexpo over two years was spent legitimately.

The Ukraine-focused miner twice this year delayed its 2018 annual results – before publishing them last Tuesday - as it reviewed its donations to the Ukrainian charity which was set up to coordinate Ferrexpo's corporate and social responsibility activities.

Review launched in February

Unexplained discrepancies were found in Blooming Land's bank statements, prompting Ferrexpo's board to launch a review earlier this year.

Ferrexpo said, however, that Deloitte did not point out any problems after auditing the group’s half-year results, published on 1 August 2018.

After discrepancies were found in copy bank statements from Blooming Land on 29 August, it tried to get the originals from the charity, it added.

The company said it formally considered setting up a review on 22 November 2018 but decided to take a "cooperative route" with Blooming Land, while in January this year, it again deferred a review, though differing views were expressed.

After requesting further clarification from Blooming Land on 25 January, the group added, its board decided unanimously on 3 February to launch a review.

Ferrexpo said: “The company formed its own considered view and believes it initiated the formal independent review at the appropriate time, given the other steps it was taking and all the surrounding circumstances."

Shares in Ferrexpo, which have been battered by the affair in recent weeks, were nearly 7% higher at 205.80p in late morning trading.

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Mon, 29 Apr 2019 12:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219266/ferrexpo-shares-rally-on-monday-as-it-rejects-assertion-by-former-auditor-deloitte-over-blooming-land-charity-review-219266.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190429100159_14055262/ Mon, 29 Apr 2019 10:01:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190429100159_14055262/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190429095347_14055251/ Mon, 29 Apr 2019 09:53:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190429095347_14055251/ <![CDATA[RNS press release - Statement from the Board ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190429070019_14054576/ Mon, 29 Apr 2019 07:00:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190429070019_14054576/ <![CDATA[RNS press release - Director Resignations ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190426161141_14054226/ Fri, 26 Apr 2019 16:11:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190426161141_14054226/ <![CDATA[RNS press release - Resignation of Auditor ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190426070010_14052774/ Fri, 26 Apr 2019 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190426070010_14052774/ <![CDATA[News - Ferrexpo increases dividends and boasts “successful” 2018 ]]> https://www.proactiveinvestors.co.uk/companies/news/218942/ferrexpo-increases-dividends-and-boasts-successful-2018-218942.html Iron pellet producer Ferrexpo PLC (LON:FXPO) highlighted a 40% rise in shareholder dividends, up to a ‘record’ 23.1 US cents per share, as it released full-year results for 2018.

At the same time, it also noted an increase in investment and a continuation of debt reduction.

"I am pleased to report a successful year for Ferrexpo,” said chairman Steve Lucas.

READ: Ferrexpo awaits progress as investigation into charity donations continues

“We continued to benefit from the strong global demand for our high-grade iron ore pellets, which helped deliver strong cash flow despite a rise in costs. This enabled us to increase investment, reduce debt further and pay a record dividend."

The chairman added: “This year we plan to increase investment once more to be able to hit our medium-term production target of 12 million tonnes per annum by 2021 and lay the foundations for our longer-term intention to move to annual output of 20 million tonnes per annum."

Total pellet production rose by 1.6% to 10.6mln tonnes, while sales amounted to 10.2mln tonnes.

Revenue increased by 6.4% to US$1.27bn, and the amount paid out against quality (iron ore grade) fines reduced by 2.5% to US$69.5mln.

Profit reduced by 15% to US$335mln as the cash cost of production increased by 34% to US$43.3mln and margins reduced.

The company invested US$135mln of capital, up 31% from US$103mln in 2017, while net debt reduced by 14% to US$339mln from US$394mln in the preceding year.

It will pay a total of 23.1 US cents dividend per share for 2018, up from 16.5 US cents in the previous year.

Investigation into donations

Release of Ferrexpo’s financial results was previously delayed amid independent investigations into charity donations made by the company.

In a brief statement earlier this month, the iron group said the investigation was making progress.

It noted, at that time, that the Independent Review Committee (IRC) was looking into donations made by Ferrexpo to the Blooming Land Charity and said it can report that it has made progress in receiving explanations regarding the differences contained on the bank statements.

Ferrexpo added that the IRC also received third-party evidence - including governmental confirmations - to explain some of the possible discrepancies in the application of funds by Blooming Land as per its announcement of 19 March 2019.

Today, it told investors that the IRC has concluded that Blooming Land is not a ‘related party’ to its chief executive (who is also Ferrexpo’s largest shareholder) or the company’s executive management, as defined under accountancy standards or stock exchange listing rules.

It added though that the IRC cannot yet conclude as to the ultimate use of the funds by the charity, however, there are indications some could have been misappropriated.

Additionally, Ferrexpo said: “The board notes that the auditors have been unable to conclude as to whether the chief executive officer does or does not have significant influence or control over Blooming Land.

“The board has formed a unanimous view, based on a lack of clear evidence to the contrary and unambiguous representations given to the board by the CEO over many years, that the CEO does not have significant influence or control over Blooming Land.”

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Tue, 23 Apr 2019 08:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218942/ferrexpo-increases-dividends-and-boasts-successful-2018-218942.html
<![CDATA[RNS press release - Amended Full Year Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190423082237_14048042/ Tue, 23 Apr 2019 08:22:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190423082237_14048042/ <![CDATA[RNS press release - Full Year Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190423070007_14047508/ Tue, 23 Apr 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190423070007_14047508/ <![CDATA[RNS press release - Production for 1Q 2019 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190405070004_14029959/ Fri, 05 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190405070004_14029959/ <![CDATA[News - Ferrexpo further delays publication of full-year results while it awaits further progress in independent investigation ]]> https://www.proactiveinvestors.co.uk/companies/news/217617/ferrexpo-further-delays-publication-of-full-year-results-while-it-awaits-further-progress-in-independent-investigation-217617.html Ferrexpo PLC (LON:FXPO) has again delayed the publication of its full-year results, which it now expects on or before April 25, while it awaits further progress in an independent investigation on possible misuse of charitable donations.

In a brief statement, the FTSE 250-listed iron ore pellet producer, which earlier promised to report full-year results until April 3, said the investigation was making progress but that it could not guarantee that the review would be complete before their release.

READ: Questions swirl around Ferrexpo’s charitable donations, as final results put on hold, and auditors circle

The group pointed out that the Independent Review Committee (IRC) is looking into donations made by Ferrexpo to the Blooming Land Charity and said it can report that it has made progress in receiving explanations regarding the differences contained on the bank statements.

Ferrexpo added that the IRC has also received third-party evidence - including governmental confirmations - to explain some of the possible discrepancies in the application of funds by Blooming Land as per its announcement of 19 March 2019. 

It said the IRC is undertaking further work to corroborate the above explanations and evidence.

The group added; “At the current time, the Board cannot guarantee that the review will be complete by the publication of its full-year results, or will complete favourably.”

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Mon, 01 Apr 2019 08:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217617/ferrexpo-further-delays-publication-of-full-year-results-while-it-awaits-further-progress-in-independent-investigation-217617.html
<![CDATA[RNS press release - Independent Review Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190401070123_14022573/ Mon, 01 Apr 2019 07:01:23 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190401070123_14022573/ <![CDATA[News - Questions swirl around Ferrexpo’s charitable donations, as final results put on hold, and auditors circle ]]> https://www.proactiveinvestors.co.uk/companies/news/216744/questions-swirl-around-ferrexpos-charitable-donations-as-final-results-put-on-hold-and-auditors-circle-216744.html Ferrexpo PLC (LON:FXPO) has delayed releasing its financial results, as auditors continue to investigate discrepancies in the bank statements of Blooming Land, a charitable organisation at the heart of the company’s community and social responsibility programme in Ukraine.

The company’s shares fell by more than 8% in early trade to 247p.

Auditors at BDO are now widening their inquiries from the bank statements to the way the funds were allocated and spent in Ukraine.

In an earlier announcement in February, Ferrexpo said that donations to Blooming Land amounted to US$9.5mln in the first half of 2018. The company ceased donating in May 2018.

Gone astray?

Some or all of this money now appears to have gone astray, or as Ferrexpo put it bluntly in its regulatory news announcement: “The funds may not all have been used for their stated purpose”.

The company said it is committed to “understanding” the full extent of these issues.

In response to that part of the statement, broker Shore Capital commented, in apparent sarcasm, that such efforts were to be regarded “laudably”.

The initial news of the irregularities at Blooming Land came just days after the resignation of Simon Lockett as the senior independent non-executive director.

Deloitte has indicated that it may qualify or otherwise modify its audit opinion relating to the full year accounts, pending the outcome of the case.

As it stands though, Ferrexpo expects the full year 2018 earnings before interest, tax, depreciation and amortization to be in the region of US$500mln.

Investors may, on the whole, be fairly sanguine about the recent share price fall. As it stands, Ferrexpo shares are still trading at around six-month highs, as the iron ore price remains relatively strong after the Brazilian dam collapse last month.

The shares are trading at around eight times the level they were at three years ago.

 

 

 

 

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Tue, 19 Mar 2019 10:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216744/questions-swirl-around-ferrexpos-charitable-donations-as-final-results-put-on-hold-and-auditors-circle-216744.html
<![CDATA[RNS press release - Independent Review Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190319070026_14006643/ Tue, 19 Mar 2019 07:00:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190319070026_14006643/ <![CDATA[RNS press release - Director Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190213071924_13967629/ Wed, 13 Feb 2019 07:19:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190213071924_13967629/ <![CDATA[News - Ferrexpo under pressure as discrepancies uncovered at CSR charity ]]> https://www.proactiveinvestors.co.uk/companies/news/213890/ferrexpo-under-pressure-as-discrepancies-uncovered-at-csr-charity-213890.html Ukraine-based Ferrexpo PLC (LON:FXPO) has launched an investigation into the use of monies it donated to Blooming Land, a charity based in the country.  

Blooming Land co-ordinates the iron ore pellet maker’s corporate social responsibility (CSR) programme but operates independently.

Bank statements from the charity contained unexplained discrepancies said Ferrexpo, which has sent copies to its auditor Deloittes to carry out a review.

Ferrexpo donated US$9.5mln to Blooming Land in the first half of 2018 but stopped any further donations in May.

Deloittes might quality its opinion on the full year results due on 20 March pending the outcome of the review said Ferrexpo, though it still expects to report underlying profits [EBITDA] of US$500mln for 2018.

Shares in the FTSE 250 member tumbled 7% to 243.7p.

 

 

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Mon, 04 Feb 2019 09:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213890/ferrexpo-under-pressure-as-discrepancies-uncovered-at-csr-charity-213890.html
<![CDATA[RNS press release - Independent Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190204070006_13956325/ Mon, 04 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190204070006_13956325/ <![CDATA[News - Deutsche Bank upgrades Ferrexpo, raises targets for other miners on higher iron ore prices on near-term supply risks ]]> https://www.proactiveinvestors.co.uk/companies/news/213731/deutsche-bank-upgrades-ferrexpo-raises-targets-for-other-miners-on-higher-iron-ore-prices-on-near-term-supply-risks-213731.html Deutsche Bank has upgraded its rating for iron ore group Ferrexpo PLC (LON:FXPO) and raised targets and estimates for other miners of the metal due to higher prices on near-term supply risks.

In a note to clients, analysts at the German bank pointed out that, following the Feijao dam disaster at the end of last week, Brazilian giant Vale SA announced plans to decommission 10 of their upstream tailings dams, impacting 40mln tonnes per annum (mpta) of production capacity over a three-year period.

READ: Iron ore in a technical bull market following dam collapse but how long will it last?

As a result, the analysts believe there will be a net reduction in pellet production, with their base case being that Vale reduces net exports by 10mln tonnes in 2019, and delays the restart of its Samarco operations to beyond 2020

They pointed out that, in their view, Ferrexpo, as a leveraged pellet producer, has the most to gain from the reduction in pellet volumes in 2019/20.

The analysts have, therefore, upgraded their rating for the FTSE 250-listed firm to ’buy’ from ‘hold’ with an increased target price of 270p, up from 220p previously.

In early afternoon trading, shares in Ferrexpo were 7.9% higher at 249.50p.

The Deutsche Bank analysts also raised their target prices for Anglo American PLC (LON:AAL), BHP PLC (LON:BHP) and Rio Tinto PLC (LON:RIO) after increasing their 2019/20 estimates for underlying earnings (EBITDA) for the three FTSE 100-listed firms by 5-10% on their iron ore price revisions.

They raised their target price for Anglo American to 1,800p from 1,700p, keeping a ‘hold’ rating on the stock; upped Rio Tinto’s target to 4,250p from 4,100p, also maintaining its ‘hold’; and hiked BHP’s target to 1,600p from 1,550p while reiterating a ‘sell’ stance.

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Thu, 31 Jan 2019 13:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213731/deutsche-bank-upgrades-ferrexpo-raises-targets-for-other-miners-on-higher-iron-ore-prices-on-near-term-supply-risks-213731.html
<![CDATA[RNS press release - Director Resignation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190129134133_13950629/ Tue, 29 Jan 2019 13:41:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190129134133_13950629/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190115171253_13935635/ Tue, 15 Jan 2019 17:12:53 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190115171253_13935635/ <![CDATA[RNS press release - Interim Company Secretary ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190111161647_13932497/ Fri, 11 Jan 2019 16:16:47 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190111161647_13932497/ <![CDATA[News - Ferrexpo boosts production, sales volumes fall on logistical issues ]]> https://www.proactiveinvestors.co.uk/companies/news/212118/ferrexpo-boosts-production-sales-volumes-fall-on-logistical-issues-212118.html Ferrexpo PLC (LON:FXPO) boosted pellet production by 7.2% during the fourth quarter of 2018, helping lift overall pellet production for the year by 1.6% to 10.6mln tonnes.

Total 2019 pellet production is expected to be in line with 2018 at 10.6mln tonnes, as maintenance work continues. 

READ: Ferrexpo boosts production by 6% after line refurbishment

Overall sales for 2018 will be approximately 10.2 mln tonnes after sales volumes were curtailed by reduced barge shipments as a result of the low water levels on the Danube River in the second half of 2018.

Slower than expected rail shipments in December 2018 and the timing of a Capesize shipment falling into January 2019 also impacted sales volumes. Ferrexpo expects these sales volumes to be caught up in the first half of this year. 

The average received price was approximately 9% higher in 2018 compared to 2017, reflecting stronger premiums for higher quality iron ore, including higher average pellet premiums.

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

Net debt as of 31 December 2018 was approximately US$340mln, down significantly on the US$403mln figure from 2017.

Cash at 31 December 2018 stood at approximately US$60mln, while undrawn available debt facilities amounted to US$205mln. 

 

 

 

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Tue, 08 Jan 2019 07:54:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212118/ferrexpo-boosts-production-sales-volumes-fall-on-logistical-issues-212118.html
<![CDATA[RNS press release - Production Report for Q4 2018' ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190108070002_13926598/ Tue, 08 Jan 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20190108070002_13926598/ <![CDATA[RNS press release - Appointment of interim Company Secretary ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20181221151745_13913810/ Fri, 21 Dec 2018 15:17:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20181221151745_13913810/ <![CDATA[RNS press release - Interim Special Dividend Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20181206070009_13893352/ Thu, 06 Dec 2018 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20181206070009_13893352/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20181010154632_13823978/ Wed, 10 Oct 2018 15:46:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20181010154632_13823978/ <![CDATA[News - Ferrexpo boosts production by 6% after line refurbishment ]]> https://www.proactiveinvestors.co.uk/companies/news/206659/ferrexpo-boosts-production-by-6-after-line-refurbishment-206659.html Iron ore pellet group Ferrexpo PLC (LON:FXPO) increased its production by 6% in its latest three months.

The Ukraine-based operation made 2.66mln tonnes of pellets in the three months to September.

READ: Ferrexpo shares advance as Barclays sees iron pellet premiums rising

Nearly all of the increase was in higher grade 65% iron pellets, where Ferrexpo produced 2.49mln tonnes.

Total pellet production for the first nine months of 2018 was 7.76mln tonnes or 1.3% above this time last year.

Iron ore pellets are used to manufacture steel.

 

 

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Tue, 09 Oct 2018 09:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206659/ferrexpo-boosts-production-by-6-after-line-refurbishment-206659.html
<![CDATA[RNS press release - Production Report for Q3 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20181009070002_13820840/ Tue, 09 Oct 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20181009070002_13820840/ <![CDATA[News - Ferrexpo shares advance as Barclays sees iron pellet premiums rising ]]> https://www.proactiveinvestors.co.uk/companies/news/206379/ferrexpo-shares-advance-as-barclays-sees-iron-pellet-premiums-rising-206379.html Ferrexpo PLC (LON:FXPO) has been upgraded by Barclays, which highlighted premium iron pellet pricing as a positive factor for the investment case.

The upgrade is driven by new supply dynamics - in other words, potential shortages - brought on by environmental restrictions in some regions, stricter emissions controls, and winter cuts.

Price target more than doubled​

Analyst Kennedy Nyangoni highlighted that the changing economic environment comes at ‘an intriguing time’ amid annual pellet premium negotiations.

Barclays moved its rating to ‘overweight’ from ‘underweight’, and, more than doubled its price target to 300p from 140p.

The new target suggests some 31% upside versus the present price, which was itself boosted - up 8.5% today at 227.5p.

“Significant increases in spot pellet premiums drive upgrades to our forecasts and price target for FXPO, and should lead to consensus 2019E EPS rising substantially, in our view,” Nyangoni said.

The analyst added: “Spot pellet premiums stand at $78 per tonne FOB vs. $58 per tonne contracted for 2018.

“The recent move has been underpinned by anticipation of broader application of winter cuts starting in October.

“We expect further upward pressure short term from news yesterday that world 2 pellet producer LKAB has shut down one of its mines for ‘several months’ leading to c.1mt of supply losses. Spot prices at the time of negotiation are typically a good guide for the annual contract.”

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Thu, 04 Oct 2018 10:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206379/ferrexpo-shares-advance-as-barclays-sees-iron-pellet-premiums-rising-206379.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180928125306_13809215/ Fri, 28 Sep 2018 12:53:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180928125306_13809215/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180813163617_13753598/ Mon, 13 Aug 2018 16:36:17 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180813163617_13753598/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180809103547_13749879/ Thu, 09 Aug 2018 10:35:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180809103547_13749879/ <![CDATA[RNS press release - Ferrexpo Credit Facility ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180809070012_13749005/ Thu, 09 Aug 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180809070012_13749005/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180802163541_13742135/ Thu, 02 Aug 2018 16:35:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180802163541_13742135/ <![CDATA[RNS press release - 2018 Half Year Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180802070017_13740656/ Thu, 02 Aug 2018 07:00:17 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180802070017_13740656/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180705171740_13707712/ Thu, 05 Jul 2018 17:17:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180705171740_13707712/ <![CDATA[RNS press release - Production for 2Q 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180703070003_13702641/ Tue, 03 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180703070003_13702641/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180628152053_13698020/ Thu, 28 Jun 2018 15:20:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180628152053_13698020/ <![CDATA[RNS press release - Payments to Governments for year ended 31 Dec 2017 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180627145421_13696171/ Wed, 27 Jun 2018 14:54:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180627145421_13696171/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180627092758_13695484/ Wed, 27 Jun 2018 09:27:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180627092758_13695484/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180614132003_13680106/ Thu, 14 Jun 2018 13:20:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3468/LSE20180614132003_13680106/