Poltava Iron Ore denies problems with Ecological Inspection Service

Poltava Iron Ore (UX: PGOK UK) Chairman Viktor Lotous told Interfax yesterday that the company has no outstanding issues with the State Ecological Inspection Service and that it has not conducted an inspection at the plant in August. Lotous said the company has not exceeded emissions caps and noted that it has paid taxes, fees and salaries on time. Poltava Iron Ore shares fell 8.27% yesterday on the UX on speculation in media reports that production was set for a shutdown over ecological issues, while Ferrexpo (LSE: FXPO LN) was off 4.61%. Ferrexpo’s largest shareholder is businessman Konstantin Zhevago, Ukraine’s second richest man, whose other assets in Ukraine were visited by agents from Ukraine’s Security Service (SBU) in mid-July in connection with an investigation into alleged criminal activities.