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Date: Wednesday 15 Oct 2008

LONDON (ShareCast) - Ukrainian iron ore producer Ferrexpo has delayed a decision on development of the Yeristovskoye mine and an upgrade to its existing Gorishne-Plavninskoye Lavrikovskoye mine due to the current uncertainty over commodity prices and slowing demand for steel.

Ferrexpo recently received the feasibility studies for both projects and says they were economic as presented, but equipment and bulk commodities pricing were obtained at the top of the market.

"Given the current uncertainties in financial and commodity markets, the board has deferred decisions on the ultimate investment in these projects until the end of the first quarter of 2009," it said.

Ferrexpo added that steel production in Ukraine has slowed considerably in Q3 2008, which has resulted in a decrease in the demand for iron ore products in the region.

The group exports the majority of its production, but it does supply one long term framework contract customer and several smaller supply contracts in Ukraine, together constituting approximately 15% of the Group's total sales.

Ferrexpo said it remains "hopeful" it will meet previous guidance, but cautioned that the current softness in the Ukrainian iron ore and steel market may emerge in other places in the fourth quarter of 2008 and expects to face "continued uncertainty for the remainder of the year".

Third quarter iron ore pellet production rose by 12.4% over 2007 and by 7.6% quarter on quarter. Increased selective mining of richer ore enabled the increased production of higher grade 65% Fe pellets by 10.8% quarter-on-quarter (9.5% year to date).

Ferrexpo added it has drawn up a shortlist of potential strategic investors to partner with it in developing its major growth projects.

• News Channel