Ferrexpo Yeristovo Mining

In 2012, Ferrexpo Yeristovo Mining (FYM) commenced industrial development of Yeristovo deposit (ferruginous quartzite reserves — 844 million tons; proved and estimated reserves according to JORC — 623 million tons). It is a part of Ferrexpo.

FYM uses open-pit method of iron ore mining. To date, part of mined iron ore is sold to Ferrexpo Poltava Mining, and the rest is pelletized by Poltava Mining on a give-and-take basis. Produced pellets are exported.

According to the project, FYM is expected to build its own crushing and beneficiation plant to process iron ore and produce 67.3% Fe concentrate.

Location: Gorishni Plavni, Poltava oblast, Ukraine
Shareholders: Ferrexpo
Markets: Ukraine, China, Turkey
Products: Iron ore and pellets

Production capacity

Iron ore mining 28,500 thousand tons*
Iron ore beneficiation 10,000 thousand tons
Manufacture of iron ore pellets 6,000 thousand tons*

* estimates

* Estimates

Staff and wages

Number of employees 1211
Average wage* n/a

* per worker before taxes

Charts and tables

Production results, thousand tons

20000150001000050000
2012 1141 kt2012
2013 7864 kt2013
2014 12302 kt2014
2015 14012 kt2015
2016 13103 kt2016
2017 11568 kt2017
2018 11947 kt2018
2019 11649 kt2019

Indicative sales structure by products in 2019*

Indicative sales structure by markets in 2019*

* – in terms of money

Financial performance, $ million

 2013201420152016201720182019
Sales59706954244336188
EBITDA0231389213657
EBITDA margin 0.8% 32.4% 18.8% 14.3% 37.9%40.6%30.4%
Net income-28-170-105-50849227
Net income margin -46.8% -243.5% -152.2% -91.0% 34.5%27.4%14.4%
CAPEX101872313323851

Key facts

2008-2012

Yeristovo Mining’s open pit was built between 2008 and 2012. According to the media, investment in its development amounted to $400 million.

December 2018–February 2019

FYM ordered 200 railcars from Kryukov Railway Car Building Works. The railcars were delivered in December 2018–February 2019.

Sources: websites of the companies, media outlets