Ferrexpo Poltava Mining (FPM), a subsidiary of the Swiss-based mining company Ferrexpo PLC, is facing a US$3.76 billion civil lawsuit in Ukraine.

The lawsuit, filed by Ukrainian authorities, accused FPM of illegal mining activities, including the unauthorized extraction and sale of subsoil minerals.

FPM denied the allegations, saying that its operations comply with environmental standards and its mining license. The company intended to defend its position in court and confirmed its operations continue without disruption.