Ferrexpo PLC
17 September 2007
Ferrexpo PLC
17 September 2007
FERREXPO PLC - FIRST CAPITAL EXPENDITURE FOR THE YERISTOVSKOE MINE DEVELOPMENT
Ferrexpo plc is pleased to announce that it has signed contracts for the
purchase of six new draglines for use in the development of its Yeristovskoe
iron ore deposit. The draglines have been procured from Novo-Kramatorsky
Mashinostroitelny Zavod Joint Stock Company (NKMZ), a Ukrainian manufacturer.
Delivery of first equipment components is expected in mid March 2008, enabling
stripping operations to commence by September 2008. The contracts and associated
commitments represent an investment of $46 million.
Mike Oppenheimer, Ferrexpo CEO, said:
'This represents a critical first investment in the development of Yeristovskoe
and the implementation of our integrated expansion project at Ferrexpo Poltava
Mining (FPM). The specification and procurement process was managed by Ferrexpo
in conjunction with our mining alliance partner DTP Terrasement, and the
contract was awarded in line with robust procurement policies introduced as part
of our Business Improvement initiatives at FPM. We have been able to achieve
attractive pricing for this crucial equipment, which is indicative of the
procurement opportunities available in Ukraine. This investment will allow us to
continue to execute on our aggressive growth strategy as set out at our IPO.'
For further information, please contact:
Ferrexpo: +44 207 389 8302
Gavin Mackay
Finsbury: +44 207 251 3801
Robin Walker
Alex Simmons
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 90% 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.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.