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Ferrexpo resumes dividends as profit jumps 20 percent

Reuters - UK Focus

LONDON, March 22 (Reuters) - Iron ore pellet producer Ferrexpo (Other OTC: FEEXF - news) is resuming dividends following a 20 percent rise in its 2016 earnings, driven by a surge in commodity prices and lower costs, the company said on Wednesday.

The firm said 2016 earnings before interest, tax, depreciation and amortisation (EBITDA) jumped to $375 million from $313 million in 2015 thanks to higher revenue and a 13 percent drop in costs.

Ferrexpo, the world's third largest exporter of iron ore pellets, declared a final dividend of 3.3 cents for 2016 and special dividend of the same amount. It last paid a dividend in the first half of 2015.

Iron ore prices and pellet premiums jumped in the second half of 2016 after falling to multi-year lows in the first half. (Reporting by Zandi Shabalala; editing by David Clarke)