Ferrexpo reports end of Kysen legal proceedings

(Sharecast News) - Switzerland-based iron ore miner Ferrexpo has announced that legal proceedings against its Ukrainian subsidiary have finally been resolved after 10 months. Back in March 2024, Kysen, a supplier and related party to Ferrexpo Poltava Mining (FPM), opened creditor protection proceedings against FPM to the tune of UAH2.2m initially (approximately $58,000 at the time) - though this amount later doubled to UAH4.7m.

However, given restrictions with the operation of FPM's bank accounts in Ukraine - owing to an ongoing investigation into the "alleged illegal extraction of minerals" in the country - FPM were not able to pay immediately.

FPM had settled the outstanding debt to the supplier back in July and submitted relevant documents to the court for consideration, but the case had been severely delayed.

Ferrexpo said in a statement on Thursday that, "after several delays, the court of appeal has refused to open the appeal proceedings lodged by Kysen. This means that the Kysen proceedings are now over, and the creditor protection proceedings are closed."

Ferrexpo's shares were down 1% at 102.16p by 1050 GMT.