2016 Full Year Results


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Who we are

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It is the 6th largest seaborne pellet producer and has been mining, processing and selling high quality iron ore pellets to the global steel industry for over 35 years. Ferrexpo’s resource base is one of the largest iron ore deposits in the world.

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Trucks lined up


Our resource base consists of a magnetite ore of average 30% iron content, which is particularly well suited for pelletising. The ore body is a single 50 kilometre-long strike divided into 10 adjacent deposits.

Picture as of July 2013.

FPM exploits the Gorishne-Plavninskoye and Lavrikovskoye (‘GPL’) deposits. As of 1 January 2015, the GPL deposits had iron ore resources of 3.5 billion tonnes, of which approximately 778 million tonnes were proved and probable reserves with an average iron content of 30% under the JORC Code.

The mine is adjacent to rail and port facilities on the Dnieper River. FPM operates a traditional shovel and truck open pit mining operation extracting approximately 30 million tonnes per annum of crude ore. This mine has operated successfully for over 40 years without any significant disruptions or delays in production.

Ferrexpo Poltava Mining Pit

  • Current mining operations, at the Ferrexpo Poltava Mining Pit, incorporate two of the 10 deposits
  • The pit is over 350 meters deep, approximately the same height as the China World Trade Centre in Bejing
  • Approximately 30 million tonnes of crude ore are excavated per annum
  • 24 year mine life until 2038
Seven kilometeres long
kilometeres wide
Ferrexpo Poltava Mining
Ferrexpo Poltava Mining

Picture as of July 2013.

The FYM deposit has estimated resources of 1.2 billion tonnes under the JORC Code, of which approximately 631 million tonnes were proved and probable reserves with an average iron content of 34%. Assuming an iron ore production rate of 28 million tonnes per annum (broadly similar to FPM’s current production), it has the capacity to add approximately 23 years to the Group’s production profile.

The FYM open pit mine is located approximately two kilometres north of the FPM mine. First ore was reached in the second half of 2012. The initial 10 million tonnes of ore extracted from the FYM mine will be processed at FPM’s processing complex. Together with existing output from the FPM mine, this will allow the Group to increase its pellet production from 9.4 million tonnes of own ore in 2012 to an annualised rate of approximately 12 million tonnes in 2014.

FYM is developing additional processing and pelletising facilities for the remaining ore mined at the FYM pit. These processing facilities are expected to increase the combined output of the Group to around 20 million tonnes of pellets or concentrate equivalent per annum. This includes new concentrating complex with up to 10 million tonnes of capacity.


Ferrexpo Yeristovo Mining
Ferrexpo Yeristovo Mining

The Belanovskoye deposit has total JORC resources of 1,702 million tonnes. FBM’s activities are focused on the development of a feasibility study and the acquisition of land.

Ferrexpo Belanovo Mining
Ferrexpo Belanovo Mining

Ferrexpo holds a mining licence for the Galeschinskoye deposit, located immediately north of the Belanovskoye deposit. Galeschinskoye has estimated total JORC classified resources of 326 million tonnes. We hold exploration licences for the five remaining Northern deposits, namely Vasilievskoye, Kharchenkovskoye, Manuilovskoye, Brovarskoye and Zarudenskoye, located to the north of Galeschinskoye. An initial assessment of these deposits has been undertaken and total in situ reserves of 13.2 billion tonnes classified according to the FSU Classification have been delineated. These deposits are situated adjacent to our existing logistics infrastructure and we believe the development of these deposits will be relatively low risk.