Highlights

• Ferrexpo said on 10 November 2026 that it is temporarily suspending production.

• The pause follows a September restart of one pellet line, funded by a roughly US$100 million Capital raise.

• Third-quarter commercial production fell 19% to 779,975 tonnes as port restrictions and tight Liquidity weighed.

• Bankruptcy proceedings against Ferrexpo Poltava Mining and suspended Ukrainian VAT refunds remain key pressure points.

Ferrexpo (LSE:FXPO) has halted production again. The Ukraine-focused iron ore pellet producer said on Tuesday, 10 November 2026 that it is temporarily suspending production, barely two months after it switched part of its operations back on. For a miner that has stopped and restarted repeatedly over the past year, the announcement puts output, cash and export routes firmly back in the spotlight for investors in UK mining stocks.

What Ferrexpo announced on 10 November

The regulatory statement confirmed a temporary suspension of production. The cause, the expected length of the pause and any impact on sales from existing stockpiles are the points to follow.

The timing stands out. In its third-quarter production report on 14 October, the company (LSE:FXPO) said it had restarted one pellet line in September after completing a capital raise of about US$100 million.

A year of stops and restarts

Missile strikes on 8 November 2025 hit power infrastructure in Horishni Plavni and nearby Kremenchuk, cutting electricity to Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining.

Further attacks on the grid forced another suspension in January 2026. Production resumed in late February, but on only one of four pellet lines.

In August 2026, Ferrexpo paused output again, citing the threat of attacks around Ukrainian ports, restricted Black Sea export routes and the need to preserve working capital. It said European customers would be supplied from inventory during that stoppage. Its London shares had already been suspended from 1 May after it missed the deadline for audited 2025 accounts.

The financial backdrop

Interim results for the six months to 30 June 2026 showed Revenue of US$196m, down 57% from US$453m, as sales volumes fell 62%. Underlying EBITDA was negative US$4m and the after-tax loss was US$14.9m. Cash stood at US$30m at the half-year end.

The US$100m raise combined a conditional placing of about US$60m with a subscription of about US$40m from the largest shareholder. Commercial production for the first nine months of 2026 reached 2.33 million tonnes, down 53.9% year on year.

Risks and pressure points to watch

Ukrainian VAT refunds remain suspended, with gross receivables of US$102.2m at 30 June. The Chief Financial Officer said: "The suspension of VAT refunds remains the most significant pressure on our working capital."

Bankruptcy proceedings against Ferrexpo Poltava Mining opened on 24 February 2026. An appeal was rejected on 18 August, a cassation appeal went to the Supreme Court on 21 August, and creditor-claim hearings were scheduled to run until 24 November 2026. Talks on a secured trade finance Facility were described in October as advanced but delayed by Black Sea disruption.

The road back to full output

The interim report tied any recovery in production to electricity supply, logistics, VAT refunds and legal outcomes. The directors also pointed to "material uncertainties outside of the Group's control". Further detail on the duration of this latest suspension from Ferrexpo (LSE:FXPO) will be closely tracked on the London Stock Exchange.