Shares in FTSE 250-listed miner Ferrexpo lifted more than four per cent in afternoon trading after the Ukraine-based group reported record sales and a bolstered balance sheet.
Last year, Ferrexpo sold 11.7m tonnes (mt) of iron ore pellets, which are used in steelmaking, up from 11.3mt in 2015, the group said in a trading update today.
A boom in iron ore prices lifted the average price of Ferrexpo pellets to $58.5 per tonne, from $55.5 per tonne in 2015, while the cash cost of production for the group fell around $2 per tonne.
Read more: Ferrexpo shrugs off Ukrainian fears with 32pc ris…
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