Investing in growth and technology

The Yeristovo mine, operated by Ferrexpo Yeristovo Mining ("FYM"), was opened in 2011 and today represents Ferrexpo's second largest mine, supplying high grade iron ore to the Group's processing plant.

510 MT

510 million tonnes of JORC-compliant Ore Reserves at FYM.

14 MT

14 million tonnes of high grade FYM ore processed in 2021.

35 +

Over 35 years of mine life remaining at FYM at today's mining rates.


The opening of the Yeristovo mine was the first iron ore mine to be opened in Ukraine since independence, and FYM supplied 14 million tonnes of ore to Ferrexpo's processing plant in 2021 (2020: 13 million tonnes).

Current operations

FYM mines the Yerystivske deposit, which is part of the Kremenchuk Magnetic Anomaly and sits immediately north of the Poltava mine, which is Ferrexpo's largest mining operation. The orebody at FYM is similar to that seen at FPM, comprising of a large magnetite iron ore deposit, with an iron content of 34% (27% magnetic iron).

Mining at FYM is an open pit operation, with excavators and haul trucks mining of iron ore and rock waste, with additional draglines responsible for mining of sand that exists at surface. In 2021, FYM mined over 60 million tonnes (2020: 45 million tonnes), with a strip ratio of 3.3:1 (waste tonnes : ore tonnes). Given FYM's relatively new status as a mine, current operations are focused on establishing the footprint of this mine, with mining operations extending to a depth of 100 metres below surface.


Future growth

The Yeristovo mine is a key component of the Group's ambitions to scale up production and grow beyond the Group's current production base, with FYM capable of increasing ore production volumes to match future capacity increases at the Group's processing plant. As FYM develops, a key focus will be to invest in innovative technology as a pathway to establish a modern mining operation, through projects such as fleet automation and drone surveys. To read more about the use of autonomous haul trucks at FYM, the first of their kind in Europe, please see the case study below, with further examples of technology and innovation being deployed throughout the Ferrexpo Group available here.

Case study: fleet autonomy at FYM

In late 2020, Ferrexpo announced a first for Europe – the first large-scale autonomous mining haul truck in Europe, a significant achievement and reflective of the Group’s determination to adopt modern technology to provide safer working conditions and to improve productivity. Over the course of 2021, the Group introduced further autonomous haul trucks into its operations at FYM, with a total of six units converted by the end of the year.

Fleet autonomy provides significant safety benefits through the removal of operators from hazardous mining environments, as well as largely removing the need for operators to ascend/descend the truck, which is a key risk area for operators. Through training and development, the Group intends for automation to be a key area for upskilling the Group's workforce as operators learn to utilise state of the art technology. In terms of productivity, the Group expects to see improvements through the continuous operation of these units as well as improved maintenance monitoring, both of which are expected to provide cost savings over time as this project is embedded over time.

In addition to autonomous haul trucks, the Group implemented semi-autonomous drill rigs across its mines in 2017, as well as drone surveys in 2018. The Group's investments in technology projects such as these have contributed to improvements in safety in recent years, with the Group consistently recording a lost time injury rate below its iron ore producing peers in Australia1; to read more about the Group's strong performance in safety, including up to date safety data, please click here.