Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced that that a Ukrainian court of appeal has confirmed a claim against its Ukrainian subsidiary Ferrexpo Poltava Mining (FPM) totaling UAH 4.72 billion ($124.89 million) in respect of loan agreements. FPM will file an appeal to the Supreme Court in Ukraine, rejecting the decision.
In August 2023, a court of first instance issued judgment in favor of the claimant, whose identity has not been disclosed. FPM filed an appeal, nevertheless the court of appeal has confirmed the claim. Ferrexpo stated that FPM has compelling arguments to defend its position in the Supreme Court. Meanwhile, Ferrexpo’s operations remain unaffected.