The Yeristovo operation is located in the Poltava region of Ukraine, almost 600 km northeast of Port Yuzhny. The mine is owned and operated by Swiss-based resource company, Ferrexpo, and is just north of Ferrexpo's first mine, Poltava. Yeristovo started operations in 2012 and its ore is processed at Ferrexpo's pellet plant in Poltava. Yeristovo will ultimately produce 6Mtpa of pellets. The sharp depreciation of Ukraine's currency has been the major contributor to the large reduction in Yeristovo's C1 cash cost since 2013.