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Ferrexpo 2018 Total Pellet Production Rises

Ferrexpo Plc. (FXPO.L) reported that its total pellet production for the fourth-quarter of 2018 rose 7.2% to 2.9 million tonnes from the third-quarter of 2018. Total pellet production for 2018 were up 1.6% to 10.6 million tonnes from the prior year.

The company noted that 2018 sales volumes will be approximately 10.2 million tonnes, compared to 10.5 million tonnes in 2017. Sales volumes were impacted by reduced barge shipments given the low water levels on the Danube River in the second-half of 2018. Slower than expected rail shipments in December 2018 and the timing of a capesize shipment falling into January 2019 also impacted sales volumes. The Group expects these sales volumes to be caught up in the first-half 2019.

Total 2019 pellet production is expected to be in line with 2018 at 10.6 million tonnes as a result of ongoing maintenance.

The full year average 2018 cash cost of production is expected to be approximately US$44 per tonne compared to US$33 per tonne in 2017 due to higher energy prices and increased mining costs.

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