Business
Development capex
Development capex.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n Ferrexpo PLC\n17 September 2007\n\n\nFerrexpo PLC\n\n17 September 2007\n\n\nFERREXPO PLC - FIRST CAPITAL EXPENDITURE FOR THE YERISTOVSKOE MINE DEVELOPMENT\n\n\nFerrexpo plc is pleased to announce that it has signed contracts for the\npurchase of six new draglines for use in the development of its Yeristovskoe\niron ore deposit. The draglines have been procured from Novo-Kramatorsky\nMashinostroitelny Zavod Joint Stock Company (NKMZ), a Ukrainian manufacturer.\nDelivery of first equipment components is expected in mid March 2008, enabling\nstripping operations to commence by September 2008. The contracts and associated\ncommitments represent an investment of $46 million.\n\n\nMike Oppenheimer, Ferrexpo CEO, said:\n\n\n'This represents a critical first investment in the development of Yeristovskoe\nand the implementation of our integrated expansion project at Ferrexpo Poltava\nMining (FPM). The specification and procurement process was managed by Ferrexpo\nin conjunction with our mining alliance partner DTP Terrasement, and the\ncontract was awarded in line with robust procurement policies introduced as part\nof our Business Improvement initiatives at FPM. We have been able to achieve\nattractive pricing for this crucial equipment, which is indicative of the\nprocurement opportunities available in Ukraine. This investment will allow us to\ncontinue to execute on our aggressive growth strategy as set out at our IPO.'\n\n\nFor further information, please contact:\n\n\nFerrexpo: +44 207 389 8302\n\nGavin Mackay\n\n\nFinsbury: +44 207 251 3801\n\nRobin Walker\nAlex Simmons\n\n\nNotes to Editors:\n\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 90% 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 \nthe London 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":2313,"tagName":"div"}]