The Board of Directors of Ferrexpo announced that it has approved the early repayment of its outstanding pre-export finance facility ('PXF facility'), with repayment to take place and subsequent cancellation of the facility. The PXF facility agreement was signed in 2018 and repayment was scheduled to take place quarterly between 2020 and 2022. As at 31 December 2020, the Group had USD 257 million of debt drawn on its PXF facility. Early repayment of this facility reflects the strong performance of the Group's operations, including recent growth in both the Group's production volumes and product quality, following the recent completion of investments throughout the Group's operations. Through previous investments, and the Group's ongoing growth programme, the Group is able to take full advantage of recent strength in the iron ore market, with particular demand at this time for high grade iron ores such as the Group's 65% Fe iron ore pellets, which represented 99% of total production in 2020 (2019: 96%).