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Ferrexpo profits up nearly 60% on pellet price rise

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(Reuters) – Iron ore miner Ferrexpo <FXPO.L> on Friday reported a 59% jump in core earnings in the first half of 2019 as it benefited from a global rise in the price of the iron ore pellets it produces for the steel industry.

Ferrexpo, which has been looking at possible misuse of funds it donated to a charity in Ukraine, said investigation into the matter is still ongoing.

The company said underlying earnings before interest, taxes, depreciation and amortization (EBITDA) for the six months ended June 30 were $372 million (£307.6 million) compared with $234 million, a year earlier.

First half revenue rose 28% to $787 million and the average cash cost of producing iron ore pellets rose 11% $46 per tonne, the company said.

(Reporting by Yadarisa Shabong in Bengaluru; editing by Patrick Graham)

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