Ukrainian miner Ferrexpo has warned its shares will be suspended from trading this week, having failed to secure fresh funding in time to publish its results.
The miner has been affected by the war in Ukraine and has been forced to operate at a much lower capacity than before the war.
Earlier this month, Ferrexpo said it would need to raise at least $100million through an equity capital raise, or risk running out of cash by August, as Russia’s invasion continues to disrupt its operations.
The London-listed firm today said it had delayed the publication of its audit and accounts after failing to secure a fundraise in time. It now expects its shares to be suspended from listing and trading from Friday (1 May).
Ferrexpo said that, while it has received ‘indicative, non-binding expressions of interest’ in excess of $100million, it had failed to secure the fundraise within the timeframe required.
It said it continued to believe that it is ‘the only viable solution’ to meet ongoing obligations and provide sufficient working capital.
Ferrexpo is looking to fundraise $100m as Russia’s invasion of Ukraine has disrupted operations
Ferrexpo’s largest shareholder, Fevamotinico – which holds 49.32 per cent of shares and is backed by Ukrainian billionaire Kostyantyn Zhevago – has agreed to vote in favour of the fundraise, provided it is no greater than $100million.
‘At this stage there remains no certainty that the group will be successful in executing any funding solution,’ Ferrexpo added.
As a result, the firm said there can be no certainty as to the expected timing of the lifting of the trading suspension, if at all.
It reported lower production numbers in the first quarter, at almost half of what it reported in the final quarter of 2025.
It said this had reflected Russian attacks on power and energy infrastructure ‘and the resultant impact on our ability to operate sustainability.’
In January, Ferrexpo was forced to temporarily suspend operations and place part of its workforce on furlough after attacks on Ukraine’s infrastructure.
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