Q1 Production Report

Ferrexpo PLC
18 April 2008

18 April 2008

Ferrexpo plc

Production for Q1 2008


Production in          Q1         Q4     Change      Q1      Change     YTD        YTD      Change
 Tonnes '000          2008       2007       %       2007        %       2008       2007        %   
--------------------------------------------------------------------------------------------------
Iron Ore            7,131.5    7,182.8    (0.7)   7,140.2     (0.1)   7,131.5    7,140.2     (0.1)
Concentrate         2,695.0    2,663.6     1.2    2,625.2      2.7    2,695.0    2,625.2      2.7
Pellets from produced 
raw materials       2,232.7    2,158.8     3.4    2,217.3      0.7    2,232.7    2,217.3      0.7
        62% Fe      1,279.4    1,191.1     7.4    1,404.2     (8.9)   1,279.4    1,404.2     (8.9)
        65% Fe        953.3      967.7    (1.5)     813.1     17.2      953.3      813.1     17.2
Pellets Total       2,268.2    2,189.0     3.6    2,328.6     (2.6)   2,268.2    2,328.6     (2.6)
        62% Fe      1,314.9    1,221.3     7.7    1,515.5    (13.2)   1,314.9    1,515.5    (13.2)
        65% Fe        953.3      967.7    (1.5)     813.1     17.2      953.3      813.1     17.2 
--------------------------------------------------------------------------------------------------


Highlights


>    Production in Q1 2008 continues at the high levels established in 2007
>    Total pellet output in Q1 2008 increased by 3.6% compared to the
     previous quarter, with output of pellets from own mined ore up 3.4%
>    Prices for purchased concentrate remain high, and accordingly focus
     remains on production of pellets from own mined ore
>    Further product quality improvements in Q1 2008, with production of
     higher quality (65% Fe) pellets up 17% versus the equivalent quarter in 2007
>    Emphasis placed on mining higher grade ore to facilitate increased
     pellet quality
>    Higher grade ore output in Q1 2008 increased by 4% compared to Q4 2007
>    Stripping volumes increased by 13% in Q1 2008 compared to the
     equivalent period in 2007, facilitating future iron ore production growth
>    Operational efficiency improvements continued, driven by the ongoing
     Business Improvement Programme
>    Ukrainian PPI cost inflation in the first quarter amounted to 12.2%
>    Average achieved price on a DAF/FOB basis for Q1 2008 rose by 5.7%
     compared to FY 2007


Viktor Lotous, Chief Operating Officer of Ferrexpo, stated:


'I am pleased to report that Ferrexpo continues to produce at the same high
levels seen last year. The Company is facing cost inflation in Ukraine in 2008,
as well as the impact of higher prices for steel-based inputs and diesel fuel in
particular. The implementation of further process and efficiency improvement
initiatives will continue to help us manage our input costs effectively and
mitigate inflationary pressures, to achieve our ambitious production targets and
improve our product quality. Our project to expand and extend our GPL mine is on
schedule and within budget, and progress has been excellent. We expect to see
increased mining volumes as a result of this project from 2009.'


For further information, please contact:

Ferrexpo:                                             [phone]
Gavin Mackay
Finsbury:                                             [phone]
Robin Walker
Alex Simmons
Ferrexpo Poltava Mining (Ukraine):                    [phone]
Alexander Dovgalev


Notes to Editors:


Ferrexpo is a Swiss headquartered resources company with assets in Ukraine,
principally involved in the production and export of iron ore pellets, used in
producing steel. Current output is over 9 million tonnes, approximately 85% of
which is exported to steelmakers around the world. The Group is currently
undertaking a significant growth programme and listed on the main market of the
London Stock Exchange in June 2007 under the ticker FXPO. For further
information please visit www.ferrexpo.com.





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