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Ferrexpo hits revised pellet production target in FY'19, costs climb

Ferrexpo PLC's total pellet production in the fourth quarter of 2019 increased 3.5% over the third quarter to 2.6 million tonnes.

Full-year production in 2019 slid 0.8% to 10.5 Mt, in line with revised guidance of between 10.4 Mt and 10.6 Mt.

Realized prices were about 16% higher, offsetting an increase in the group's C1 cash cost of production to about US$48 per tonne from US$43 per tonne in 2018.

The cost increase was primarily driven by a strong local currency and domestic inflation, according to a Jan. 13 news release.

Sales grew to about 10.3 Mt, from 10.2 Mt in 2018.

Ferrexpo recently declared a special interim dividend of 6.6 U.S. cents, taking total dividends for 2019 to 13.2 cents.