Ferrexpo Advances Following Iron Ore Recovery: London Mover

Ferrexpo Plc (FXPO) was the second-biggest gainer in the FTSE 350 Index, outpacing most other mining stocks as its iron-ore focus saw it benefit from a rebound in prices.

Ferrexpo, a miner of the steelmaking material in Ukraine, climbed 15 percent to 225 pence at the close in London, after iron ore recovered from a three-year low.

The company, based in Baar, Switzerland, plans to invest as much as $1.5 billion to double iron-ore output to 20 million metric tons a year by 2016 as demand rises. Its concentration on iron ore has allowed it to outperform more diversified peers, underpinning a 53 percent gain in the stock since Sept. 5.

Iron ore has climbed 8 percent this week, trading at $96.10 a ton yesterday, according to data from The Steel Index. Prices will probably be supported in coming days on signs of steel- price stability in China, the largest consumer of the material, Deutsche Bank AG said in a Sept. 7 report.

Aquarius Platinum Ltd. jumped 19 percent today.

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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