Ferrexpo continues to lay claim to Galeschynske ferruginous quartzite deposit after license revoked due to sanctions against Belanovo Mining
Mining company Ferrexpo with assets in Ukraine points out the illegality of revoking one of the licenses - for the exploration of the Galeschynske deposit of ferruginous quartzites (Kremenchuk) – after falling under the sanctions of the Belanovo Mining (Horishni Plavni, Poltava region, part of the group).
According to the annual report of Ferrexpo, on 24 June 2021, an order of the President of Ukraine was published on the official website of the President, which enacted the Decision of the National Security and Defense Council of Ukraine on the application of personal special economic and other restrictive measures and sanctions.
Belanovo Mining is included in the list of legal entities which are subject to sanctions pursuant to the decision.
"The order and the decision do not provide any legal ground for the application of sanctions," the group said.
At the same time, in accordance with the sanctions, the license for the development of the Galeschynske field, one of two licenses owned by Belanovo Mining, is cancelled.
The company continues to defend its interests in courts. The next court hearing is scheduled for April 3, 2023.
The Galeschynske deposit is under exploration and is located to the north of the group's active mining operations.