Mining company Ferrexpo is temporarily suspending iron ore production at its mining and processing operations in Ukraine due to disruptions to Black Sea export logistics.
The company announced the decision in a statement to the London Stock Exchange.
According to Ferrexpo, the move was prompted by the continuing threat of attacks on and around Ukrainian ports, which has severely restricted the group's Black Sea export routes. To preserve working capital, management has decided to suspend mining operations. The resumption of production will depend, among other factors, on securing additional working capital.
The company said it is currently supplying its European customers from existing stockpiles. However, without additional financing, Ferrexpo estimates that its available cash resources will only last until mid-September 2026.
Ferrexpo added that this outlook could change depending on iron ore prices, operating costs—particularly energy prices—and the outcome of efforts to resolve issues related to a cargo vessel damaged during an attack on July 28.
