Ukrainian agri-oligarch gives Ferrexpo $50 million lifeline, company to resume London trading
Ferrexpo's board welcomed the investment, with Lucio Genovese, the board’s non-executive chair, writing in a statement that the company will be able to resume exports to international customers, resume spending it had previously postponed and increase production when conditions in Ukraine improve.
Ukrainian mining company Ferrexpo will resume trading on the London Stock Exchange next week following a $50 million lifeline from Ukrainian oligarch Andrii Verevskyi, according to a statement released on September 4. Verevskyi, the owner of agricultural giant Kernel, purchased half of the newly issued shares for 16.5 cents each.
The country's largest shareholder, Fevamotinico, owned by wanted oligarch Kostyantyn Zhevago, contributed nearly $30 million, making it the second-largest investment. With the infusion of funds, the company will be able to resume exports to international customers, resume postponed spending, and increase production as conditions in Ukraine improve.
The investment will also help secure thousands of jobs central to Ferrexpo, local communities, and the broader Ukrainian economy. Ferrexpo and other mining companies in Ukraine have long complained about unfair treatment from the government, stemming from Zhevago's arrest for embezzlement and bribery. The government sanctioned Zhevago in 2025, leading to suspended VAT refunds and forcing the company to cut staff and reduce operations.
Additionally, Russia's attack on Ukraine's Black Sea ports and power outages have made operations difficult due to high electricity costs.
Written by urgent.news from Kyiv Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
