Financial Times reported that Ferrexpo plc whose main asset is Ukrainian iron ore producer Poltava Mining, is thinking of expanding out of the country.

The FT quoted Mr Kostyantin Zhevago controlling shareholder and chief executive, as saying that "We are seriously looking at the right price, and the right time, and the right way to diversify geography and diversify our markets.”

Mr Zhevago told the FT that it would not be expanding regionally to become an eastern European champion as there is not enough iron ore deposits in the region, adding that Ferrexpo would remain a pure iron ore company and would not consider diversifying into other commodities such as coking coal.

He said that "We are looking at where the iron ore is. We are looking at Canada, Australia and Brazil. South Africa was too risk.”

The London-listed Ferr?xpo plc owns 100% of Ferrexpo AG which owns 97.31% of Poltava Mining.

(Sourced from Financial Times)