Ferrexpo PLC (LSE:FXPO) shares surged 29% to 36.88p in early London trading on Monday after the iron ore producer restarted production at its operations in Ukraine.
The shares were up 8.3p from Friday’s closing price of 28.58p, after the company said production had resumed using one pellet line.
Ferrexpo mobilised its operations over the weekend following the US$100 million fundraising announced on 4 September, allowing production to restart quickly.
Given continuing attacks on ports and vessels in the Black Sea, the company said it intends to focus exports on customers in Europe.
Interim executive chair Lucio Genovese said: “We are pleased to restart production in Ukraine and I would like to thank our workforce, who have once again demonstrated their commitment and determination in being able to bring the operation back online over the weekend.”
The restart marks a significant operational step for Ferrexpo, whose Ukrainian assets have faced disruption amid the continuing war and associated logistical challenges.
Ferrexpo is a Swiss-headquartered producer of premium-grade iron ore products, supplying steelmakers globally with products designed to improve productivity and reduce carbon emissions.
