Ferrexpo PLC on Wednesday said the principal risk to its business currently is access to its export logistics network amid the war in Ukraine.

The miner explained that with Ukraine’s Black Sea ports closed, it has been reliant on rail and barging operations to sustain business. As a result, it has had to modify its outlook, producing in accordance with the sales it can access logistically.

The Baar, Switzerland-headquartered firm mines for iron in central Ukraine. It is holding its annual general meeting on Wednesday.

Chair Lucio Genovese said: ‘We are long term investors in Ukraine, and we look forward to many more years of supporting Ukraine.’

Despite concerns around the war in Ukraine, the lingering impact of the pandemic and the volatility of the iron ore market, Ferrexpo committed to its growth plans and an increase in production of ‘higher quality’ products.

Shares in the FTSE 250 company were up 3.3% at 153.35 pence on Wednesday morning in London.

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