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Ferrexpo agrees Ferrous stake sale

Ukraine iron ore pellet producer Ferrexpo has agreed to sell its 15.51% stake in Brazilian iron ore producer Ferrous Resources to IEP Ferrous Brazil for US$41.8 million in cash.

Ferrous, which has operating assets in Minas Gerais, Brazil, produced 5.6 million tonnes of iron ore last year, recording a US$62.6 million loss before tax in the process.