Swiss mining company Ferrexpo, whose main interests are in Ukrainian iron ore assets, has provided an update on its current trading. The company reported continued financial pressure as it manages costs and liquidity amid ongoing operational challenges, with outstanding VAT refunds reaching approximately $80 million by the end of March 2026.
Cost cutting measures continue
The company said it remains focused on managing working capital and reducing costs, implementing measures such as:
- reduced working hours for employees,
- reduced purchases of goods and services,
- suspension of non-essential capital expenditures, overheads and corporate social responsibility expenses.
Ferrexpo noted that the withholding of VAT refunds continued during the first quarter of 2026, which significantly impacted its financial position.
liquidity sufficient until June
Based on projected cash burn, Ferrexpo estimates that its current resources will be sufficient until at least the end of June 2026. The company is actively exploring financing options, including the potential raising of equity capital, although it said there is no assurance that these efforts will be successful. Ferrexpo warned that continued delays in VAT refunds, coupled with unresolved financing issues, could lead to a material adverse impact on the group.
The company also announced that it is seeking
