Ferrexpo flags risk from collapsed Swiss bank; shares tank
Iron-ore pellet producer Ferrexpo on Monday warned of "material negative consequences" unless it secures alternative banking arrangements after its Swiss banking partner MBaer collapsed, sending shares down 4%.
The company's Swiss subsidiary, Ferrexpo AG (FAG) had a banking relationship with MBaer Merchant Bank, which is set to be wound down by the Swiss financial regulator for alleged money-laundering violations and breaching sanctions against Iran and Russia.
Ferrexpro, which used the bank to make commercial payments outside Ukraine, said that FAG holds approximately $3-million with MBaer.
Ferrexpo said that it does not expect a material impact on its subsidiaries in Ukraine but is limited in its ability to make payments outside Ukraine following the collapse.
FAG currently expects to recover its deposit with MBaer in full, although the timing of being able to do this is currently unknown, Ferrexpo said.
The company also said it had restarted production at its struggling unit Ferrexpo Poltava Mining after power supply in the region was impacted by the conflict in Ukraine.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
















