Ferrexpo is on the brink of insolvency as Kyiv pushes to oust oligarch Kostyantyn Zhevago, who still holds the company’s stake. The iron‑ore group has weeks to raise cash while the government holds $90mn in VAT refunds.

After a Russian drone attack halted its last Black Sea shipment, Ferrexpo suspended mining in early August and now sells only from stockpiles. Interim chair Lucio Genovese says the miner is unfairly caught in a dispute between Ukraine and its largest shareholder and is in talks with authorities.

The company once boasted a market cap of $3bn and 2021 sales of $2.5bn but war damage, sanctions against its founder and tax disputes have slashed its value to just over $200mn. It now faces a deadline to raise at least $100mn before September, with only $27mn in cash.

Legal battles, frozen assets and a suspended VAT refund compound its liquidity crisis. Ferrexpo hopes new funding will stabilize finances, restart operations and resolve VAT issues, but failure to raise capital could force insolvency.