Ferrexpo mining company with main assets in Ukraine in 2022 reduced foreign exchange earnings from product exports by 51.7% compared to the previous year - to $1.188 billion from $2.461 billion.

"Whilst total shipments declined by 46% in 2022, shipments to Europe (being the only practical market for us during the majority of 2022) only declined by 23%, as we managed to maintain vital logistics pathways to European customers. This achievement is in part thanks to our strong relationship with Ukraine’s railway operator, which has maintained its operations under exceptional circumstances, despite numerous attacks," the report says.

"A key consideration for us to increase our production volumes will be when we will gain additional clarity on our ability to deliver our products to customers. A major development would be the reopening of Ukraine’s ports, or the re-establishment of access to seaborne markets via an alternative port that is both cost effective and capable of handling material volumes. We are in advanced discussions with an alternative port operator and are looking to resume seaborne shipments in the near term," it reads.

"The group’s logistics network covers our use of the Ukrainian railway network, and beyond, for accessing European customers by rail. In addition, we have our inland waterway subsidiary First-DDSG for barging material along the River Danube. Our access to the seaborne market is typically via a berth at the Ukrainian port of Pivdenny (formerly known as Yuzhny), but Russia’s invasion in 2022 has limited Ukraine’s access to the Black Sea. We have established potential routes into the seaborne market via alternative ports, and we are in advanced discussions to increase volumes of material shipped via these routes," the group said.