{"text":[[{"start":8,"text":"London-listed Ukrainian iron ore miner Ferrexpo has warned it could run out of cash by the end of August unless it secures fresh funding, as Russia’s invasion continues to disrupt its operations."}],[{"start":20.35,"text":"The company said on Wednesday it was considering an equity capital raise of at least $100mn, warning that without it, “it is highly likely” that the company would have “no option but to file for insolvency”."}],[{"start":33.1,"text":"Its shares closed down 25 per cent to 32.3p in London trading on Wednesday."}],[{"start":40.800000000000004,"text":"Ferrexpo had net accessible cash of about $17mn as of mid-April, according to the statement. The company will also sell its transhipping vessel for an estimated $7.7mn, which is expected later this month."}],[{"start":56.050000000000004,"text":"The group has been severely affected by the war in Ukraine, including persistent energy shortages and logistical disruptions, which have forced it to operate at roughly a quarter of its prewar capacity in 2026. "}],[{"start":68.80000000000001,"text":"Russian attacks on Ukraine’s energy infrastructure have affected the company’s “ability to remain in production on a continuous basis”, with the group temporarily halting production in 2025 to preserve cash."}],[{"start":80.45000000000002,"text":"Ferrexpo also highlighted ongoing risks linked to its founder, Kostyantyn Zhevago, a Ukrainian billionaire who faces legal challenges related to the collapse of a Ukrainian bank. Zhevago is a “discretionary beneficiary” of a trust that owns Fevamotinico, Ferrexpo’s largest shareholder, with about 49 per cent of the shares."}],[{"start":100.50000000000001,"text":"“Fevamotinico is considered by certain authorities in Ukraine to be the company’s ultimate beneficial owner,” Ferrexpo said."}],[{"start":108.30000000000001,"text":"Ferrexpo’s liquidity has also been hit by the suspension of VAT refunds by Ukrainian tax authorities since March 2025, a move the company said had a “severe impact” on its cash flow."}],[{"start":120.25000000000001,"text":"Ferrexpo is seeking to raise fresh equity by issuing new shares, but the plan will require approval from a general meeting and its shareholders. The company is already in discussions with Fevamotinico over whether it will participate in the fundraising or accept dilution of its stake. "}],[{"start":135.9,"text":"While Ferrexpo said it had considered “a range of options”, including raising additional debt or renegotiating payment terms with suppliers and customers, it warned that such alternatives would be insufficient to keep the business afloat or would not be viable over the long term. "}],[{"start":152.6,"text":"Ferrexpo does “not believe there is a realistic prospect of the company being able to raise sufficient cash proceeds from any of such alternative options prior to the group’s cash shortfall,” it said."}],[{"start":171.35,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776913556_7332.mp3"}