Ferrexpo's revenue fell 57% in the first half as suspended VAT refunds and Ukraine's energy crisis forced production down to a single pellet line.

The iron ore producer will borrow $15 million from Fevamotinico at 9.75% interest, repayable through a share subscription arrangement rather than cash.

The iron ore producer resumed output at one pellet line over the weekend, days after closing a $100 million fundraising, and will route exports to Europe given ongoing attacks on Black Sea ports.

The iron ore miner secured a $100 million equity fundraise, anchored by a $50 million cornerstone investment, to rebuild its balance sheet and resume operations at its suspended Ukraine mines.

The iron ore pellet producer has suspended mining and pelletising in Ukraine to preserve working capital as Black Sea export routes remain disrupted, warning cash could run out by mid-September.

The Ukrainian iron ore pellet producer said a fatal drone strike on an export vessel has cut off its Black Sea shipping route and left it with sufficient liquidity only until the end of August.

"We continue to progress with the capital raise which is the most viable solution to mitigate the working capital shortfall," said Lucio Genovese, interim executive chair.

The Ukrainian iron ore producer has sold a transhipping vessel for $7.7 million and now expects its cash position to last beyond its previously stated end-of-August deadline.

Ferrexpo expects its shares to be suspended from 07:30 on 1 May while it pursues an equity funding solution to allow its 2025 audited accounts to be prepared on a going concern basis.

Ferrexpo said it is exploring a potential equity capital raise to plug working‑capital shortfalls after net accessible cash fell to roughly US$17m and the group warned liquidity will only last to “approximately the end of August 2026.”