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projects, $11.6mn went to large strategic projects, and $11mn was expended on purchases of components. The remaining $17.8mn was spent at Ferrexpo’s two other assets, Ferrexpo Yeristovo Mining and Ferrexpo Belanovo Mining. According to calculations of Kyiv-based brokerage Concorde Capital, Ferrexpo boosted its large strategic projects investment to $7.2mn in the second quarter of 2018, up 64% from $4.4mn in January-March, which is positive for the company's prospects in completing its 1.5mn tonnes per annum concentrator expansion project on time (by 2020). Ferrexpo had $65mn to invest into its concentrator expansion project as at the end of 2017, and Concorde calculated that the company had at least $53mn more to invest, or about seven quarters at the April-June pace, Concorde's Dmytro Khoroshun said in a note on September 14. "The 55% q/q drop in purchases of components to $3.4mn in April-June might be due to the absence of major overhauls in the short term after the completion of the 65-day pellet line refurbishment in the second quarter of 2018,"
61 UKRAINE Country Report October 2018 www.intellinews.com