- Ferrexpo raised its 2017 dividend 150% to 16.5 cents as EBITDA rose 47% to $551m on higher revenues which offset higher costs and lower production.

Revenue up 21% to $1.2BN from $986M, supported by higher iron ore prices and pellet premiums.

Iron ore fines price averaged US$71 per tonne in 2017 compared to US$58 per tonne in 2016. Average pellet premiums in 2017 were over 70% higher than 2016 and traded at a nine year high. Higher pellet premiums are expected to continue in 2018.

"Ferrexpo expects to benefit from higher pellet premiums in 2018, reflecting agreements with customers and strong demand for high quality pellets," the company said in a statement.

Total pellet production fell 7% to 10.4m tonnes in 2017 from 11.2m tonnes the previous year, weighed by an increase in required maintenance.

The firm resumed its previous practice of paying an interim ordinary and a special dividend during the year and declared a final ordinary dividend of 3.3 cents per share as well as a special dividend of 6.6 cents per share, taking the total dividend to 16.5 cents per share, up 150% from 6.6 cents.

At 9:45am: [LON:FXPO] Ferrexpo PLC share price was -4.6p at 297.2p

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