At least no one died at Ferrexpo 's (FXPO) mines last year. In 2014, there were three work-related fatalities, but average iron ore prices were 73 per cent higher, gross profit was 44 per cent greater at $740m (£518m) and the Ukrainian miner's net debt was only 1.4 times cash profit.
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Now, thanks to the collapse of its transactional bank, that ratio has doubled. Bank F&C - which before entering liquidation in December was controlled by Ferrexpo chief executive and largest shareholder Konstantin Zhevago - held $175m of the group's cash, which has now been recorded as a charge in the income statement. What's more, the iron ore miner cannot be certain of recovering the funds, which could result in a $146m loss after expected tax relief.