Ferrexpo aims for legal showdown in London

The Switzerland-based, but Ukrainian-owned, iron ore producer Ferrexpo is to take a long running legal dispute to the High Court in London.

The dispute, with Gilson Investments, and other parties, relates to the sale by Gilson in 2002 of a large stake (reported by the Financial Times to be 40%) in Ferrexpo Poltava, one of the world's largest iron ore mines.

Gilson wants that sale cancelled and is pursuing action through the Ukranian courts.

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Ferrexpo now says it wants to take "active steps outside Ukraine to resolve this long-running dispute".

The initial hearing, on jurisdictional issues, is scheduled for early February.

Ferrexpo shares dipped 1.4% in early trading on Monday have fallen around 40% so far in 2011.

BS