Business
CAPEX and new contract
CAPEX and new contract.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n Ferrexpo PLC\n07 March 2008\n\n\nFERREXPO PLC -FURTHER CAPITAL EXPENDITURE FOR THE YERISTOVSKOYE MINE DEVELOPMENT\nAND NEW LONG TERM CONTRACT\n\nFerrexpo plc ('Ferrexpo') is pleased to announce that it has committed US$55\nmillion for the purchase of an initial fleet of mining dump trucks and related\nequipment required for the commencement of the overburden stripping operation at\nthe new Yeristovskoye mine development. The Board has approved the purchase of\nsixteen 180-tonne capacity trucks and related equipment. Delivery is expected in\nmid November 2008.\n\nFerrexpo is pleased to further announce that it has signed a long term supply\ncontract with a new export customer, located in close proximity to Ukraine,\nwhich is expanding iron and steel production. The contract is for the supply of\napproximately 1.3 million tonnes of iron ore pellets over the next three years.\n\nMike Oppenheimer, Ferrexpo CEO, said:\n\n'The procurement of further mining equipment for the development of\nYeristovskoye represents another critical investment in our major growth\nprojects, enabling us to keep to our aggressive mine development schedule. Our\nnew long term contract is of strategic importance, as it broadens our marketing\nnetwork to include yet another market where Ferrexpo enjoys a significant\nlogistical and competitive advantage. This is the latest in a series of\ninitiatives to increase the number of customers in new markets that we supply in\nterms of long term contracts, ahead of the planned acceleration of our major\ngrowth projects.'\n\nFor further information, please contact:\n\nFerrexpo: +44 207 389 8302\n\nFinsbury: +44 207 251 3801\n\nRobin Walker\nAlex Simmons\n\n\nNotes to Editors:\n\nFerrexpo is a Swiss headquartered resources company with assets in Ukraine,\nprincipally involved in the production and export of iron ore pellets, used in\nproducing steel. Current output is over 9 million tonnes, approximately 85% of \nwhich is exported to steelmakers around the world. The Group is currently \nundertaking a significant growth programme and listed on the main market of the \nLondon Stock Exchange in June 2007 under the ticker FXPO. For further \ninformation please visit www.ferrexpo.com.\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2568,"tagName":"di...