Ferrexpo iron ore output slumps 40% quarter-on-quarter

Ukraine-focused miner Ferrexpo FXPO reported a 40% sequential fall in its second-quarter iron ore production on Monday, as a suspension of its VAT refunds in the country squeezed liquidity and forced it to reduce operations.

The company reported total commercial production of 1.3 million tonnes for the three months ended June, compared with 2.1 million tonnes in the previous quarter.