Ferrexpo suspends mining operations after Ukraine power supply attacks

(Sharecast News) - Ferrexpo announced the suspension of operations at its Ukrainian mining subsidiaries on Monday, after missile strikes on the country's energy infrastructure cut power supplies to its production sites. The London-listed iron ore producer said that attacks early on 8 November hit transmission targets in Horishni Plavni, where the company is based, and the nearby industrial city of Kremenchuk.

Power was subsequently lost to Horishni Plavni, forcing a halt in operations at Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining.

"There are no reports of fatalities or injuries," the company said, adding that it had prepared for such events by building stocks of intermediary and finished products at its sites and other locations "to minimise disruption to its production cycle and exports".

Ferrexpo said a limited amount of power had since been restored to both subsidiaries, with parts of its processing plant once again operational.

"Efforts continue to restore power and production capacity," the company said.

The firm added that it would provide further updates "as and when appropriate".

At 0844 GMT, Ferrexpo shares were down 2.47% at 51.3p.

Reporting by Josh White for Sharecast.com.