Ferrexpo, the London-listed iron ore producer with mining operations in Ukraine, has resumed pellet production at its Poltava Mining and Processing Plant following a temporary suspension earlier in 2026.
The company confirmed that one pelletizing line has been restarted after improvements in electricity availability and costs from both domestic and imported energy sources. The facility had halted operations in January due to disruptions linked to damage to Ukraine’s energy infrastructure.
Production and shipments of premium iron ore pellets have already resumed, with deliveries being made to customers across Eastern and Central Europe. Ferrexpo continues to rely on its own fleet of railcars to manage logistics and export operations.
Acting chairman of the board Lucio Genovese said the restart coincided with improved conditions as winter ended in Ukraine and the power system stabilised.
“We are pleased that with the arrival of spring in Ukraine, we were able to resume work and once again produce and export our premium iron ore products,” Genovese said, adding that the restart reflects the resilience and adaptability of the company’s workforce.
Ferrexpo’s operations had previously been disrupted by Russian missile attacks on energy infrastructure in the Poltava region, which forced the company to temporarily halt production and exports in November 2025.
The company also disclosed an update regarding its Swiss subsidiary, Ferrexpo AG. One of the group’s partner banks, MBaer Merchant Bank AG, recently lost its licence after a decision by the Swiss financial regulator FINMA and is now undergoing liquidation.
Ferrexpo AG holds approximately $3 million in accounts at the bank, part of the group’s total cash reserves of about $30 million as of the end of February 2026. According to the liquidators, the bank’s assets are sufficient to fully cover customer claims, and Ferrexpo expects to recover the funds, although the timeline remains uncertain.
The company said the issue has not disrupted its relationships with other financial institutions but confirmed it is exploring alternative banking arrangements to support international transactions.
Operational disruptions over the past year have weighed on Ferrexpo’s production performance. In 2025, total iron ore output fell 9% year-on-year to 6.14 million tonnes. Pellet production declined sharply by 47% to 3.22 million tonnes, including 3.14 million tonnes of premium pellets and 81,790 tonnes of direct reduction pellets.
Meanwhile, commercial concentrate production increased more than fourfold year-on-year to 2.92 million tonnes.
