Ferrexpo, the largest Ukrainian iron ore pellet exporter, revealed that its interim management statement. The company’s net debt amounted to USD 53 million as of April 30th 2011 almost half of what it was compared to the end of 2010.

Phoenix Capital analyst said “Ferrexpo stated that it’s timely financing and implementing its approved CAPEX projects, using proceeds of the April debut bonds issue, among other sources. The company is also evaluating an expansion of the Ferrexpo Yeristovo Mine (FYM), with possible approval of concentrator and pelletizer construction looming.”

(Sourced from www.phoenix-capital.ua)