KIEV, Dec. 2 - The board of directors of Ferrexpo plc has approved allocation of $212 million to modernize capacity at Poltava Mining to complete the switch to production of pellets with 65% Fe content, the company said in a statement.

Poltava Mining currently produces roughly equal amounts of 65% and 62% Fe-content pellets.

"Some $49 million will be spent on the modernization next year. The company continues to grow sales and enter new markets, particularly in Japan," Poltava Mining General Director Viktor Lotous said in a statement.