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LONDON - Ferrexpo PLC (LSE: LON:FXPO), a leading iron ore pellet producer with significant operations in Ukraine, has disclosed that its subsidiary, Ferrexpo Poltava Mining ("FPM"), is facing a substantial civil claim in Ukraine. The lawsuit, filed by Ukrainian authorities, seeks joint liability from FPM and its General Director for alleged environmental damages, amounting to approximately $3.76 billion.
The current legal proceedings stem from initial accusations regarding the illegal sale of waste products from iron ore pellet production, which have since escalated to charges of unauthorized extraction and sale of subsoil minerals. FPM has rejected these allegations, maintaining that their mining practices are lawful and in full compliance with environmental standards and their mining license.
FPM’s stance, supported by advice from Ukrainian legal counsel, is that the accusations and the ensuing claim are baseless. The company has communicated its intention to defend its position vigorously in the Ukrainian courts.
Despite the legal challenge, Ferrexpo has confirmed that the Group’s operations continue without disruption. Further updates will be provided as the case progresses. This information was released by Mark Gregory, Group Company Secretary, and is based on a press release statement.
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