Miner to make new banking arrangements

Caitlin Morrison
Follow Caitlin
SWITZERLAND based mining group Ferrexpo is expected to hold a board meeting this week to deal with the fallout from Ukraine’s national bank declaring Bank Finance and Credit (Bank F&C), which holds most of the company’s cash, insolvent.

Shares in Ferrexpo plunged by 32 per cent when news of the bank’s insolvency was revealed on Friday.

Ferrexpo confirmed that of its $280m (£180m) total cash balance, $174m was held at Bank F&C, and said its operations “are not currently affected”.

The company declined to comment further yesterday.