Ferrexpo still on track for 12m tonne production rate in H2

7th Jul 2014 14:07

Iron ore pellet producer Ferrexpo posted a 2.5% climb in first half own ore production levels, keeping it on track to deliver an annualised production rate of 12m tonnes in the second half. Pellet production from own ore increased from 5.1m to 5.2m, although dropped 7.9% to 2.5m from the first quarter to the second. Total production climbed 2.3% from 5.2m to 5.4m, but was down 9.4% to 2.6m quarter-on-quarter. In terms of the grade, total production of 62% iron fell 6.1% from 2.9m to 2.7m, but 65% iron jumped 13% from 2.3m to 2.6m. The group also said it had completed the refurbishment of one of its pellet lines during the second quarter in record time. Citigroup reiterated its 'buy' rating on the stock.Shares had dropped 0.14% to 140.30p by 14:24.NR