Asset Report
Poltava and Yeristovo iron ore mine
Report summary
The Poltava and Yeristovo operations are located in the Poltava region of Ukraine, almost 600 km northeast of Port Yuzhny. Together, the mines produce more than 10 Mtpa of iron ore pellets and is owned and operated by Swiss-based resource company, Ferrexpo. In 2021, cash costs rose in response to high energy costs. Ferrexpo will continue to try and find cost savings, but we expect costs to rise in 2022 mainly due to continuous increasing diesel prices and lower output volumes. For the year 2022 and 2023, costs are expected to increase again with rising inflation in Ukraine although ongoing weakness in the currency will partially offset some changes to costs in US$ terms.
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