Putin to Grant Pardon to Jailed Tycoon Khodorkovsky
Ferrexpo Advances Following Iron Ore Recovery: London Mover
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.
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