Ferrexpo posts record iron ore pellet output in 2013

LONDON Wed Jan 8, 2014 2:17am EST

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LONDON Jan 8 (Reuters) - Ukrainian iron ore miner Ferrexpo said on Wednesday its iron ore pellet output rose to a record high for the company in 2013 even as production fell slightly in the last quarter of the year.

Total pellet production was 10.81 million tonnes in 2013, 11.6 percent up from the previous year, with the largest boost seen in higher grade iron ore.

In the fourth quarter output was 2.76 million tonnes, 1.3 percent down from the previous three-month period.

The company, majority owned by Ukrainian billionaire and parliamentarian Kostyantin Zhevago, is investing more than $650 million to ramp up production at its Yeristovo mine to 12 million tonnes of pellets by the first quarter of 2014.

It is also focusing on increasing the grade of its pellets in an attempt to better access the growing Middle Eastern market where strict grade controls are in place.

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