Mining company Ferrexpo delays financial report for 2024

Металургія 11.03.2025    20:00

Mining company Ferrexpo Plc (LSE: FXPO), which has its primary assets in Ukraine, has announced the need for additional time to finalize its financial results for 2024.

"Following events in Ukraine and discussions with its auditors in respect of potential actions regarding the company's subsidiary, Ferrexpo Poltava Mining, as announced on 5 March 2025, the company has decided that more time is needed to finalise its full year financial results," Ferrexpo stated in a stock exchange filing.

The company indicated that it would make further announcements relating to the finalisation and release of the full year financial results as appropriate.

On March 5, Ferrexpo acknowledged a statement made by Ukraine's State Bureau of Investigation (SBI) on March 4, which disclosed that Kyiv's Pechersky District Court had granted a request from the Prosecutor General's Office to transfer a 49.5% stake in Poltava Mining – one of Ferrexpo's key assets – to Ukraine's Asset Recovery and Management Agency (ARMA). The SBI's statement also mentioned the transfer of corporate rights for 15 other unidentified legal entities to ARMA.

Ferrexpo is an iron ore company with assets in Ukraine. The company fully owns Poltava Mining and holds a 100% stake in Yeristovo Mining and a 99.9% stake in Belanovo Mining.

On Tuesday morning, Ferrexpo's stock price dropped by 1.57%.

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