Shares in Ferrexpo (LSE:FXPO) climbed more than 36% on Monday after the Ukraine-focused iron ore miner brought its operations back on line over the weekend, made possible by a $100 million fundraising unveiled on 4 September — a lifeline that allowed production to restart even as ports and shipping in the region continue to come under attack.
The company confirmed that output resumed over the weekend on the back of the capital raise. With attacks on regional ports and vessels well documented, Ferrexpo is now channelling its export volumes towards 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 group manufactures premium-grade iron ore products for the global steel sector, a market it has served for over half a century.
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