Ferrexpo (FXPO) turned in double-digit increases in production, sales volumes and profits for 2013, paving the way for a repeat of last year’s special dividend payment of 6.6¢ (4p) a share. The trouble is that all the operational progress made by the Ukrainian iron-ore miner is being overshadowed by the well-publicised political turmoil - even though Ferrexpo’s operations are located around 200km south of Kiev and 400km north of Crimea.
Higher grades at the Yeristovo open-pit mine and an improved performance at the processing complex Ferrexpo Poltava underpinned a 12 per cent rise in pellet production to 10.8m tonnes. Global iron-ore prices were buoyant through much of last year. Combined with an 11 per cent hike in sales volumes, that allowed Ferrexpo to bump-up cash profits by a quarter to $506m.