UPDATE 2-Ferrexpo H1 EPS doubles, sees JV decision in Q4

(Adds conference call, analyst comments, shares)

By Eric Onstad

LONDON, Aug 28 (Reuters) - Ukrainian iron ore miner Ferrexpo (FXPO.L) doubled its first-half earnings per share on the back of record prices and said it was considering returning excess cash to shareholders.

London-listed Ferrexpo also said on Thursday it expected to conclude its search for a strategic partner for growth projects in the fourth quarter.

Analysts largely welcomed the results, with Citigroup saying the numbers came in ahead of its forecasts.

"Key value drivers for FXPO remain the strong pricing environment for iron ore and the long-term value in the company's key growth projects," a research note said, reiterating a "buy" rating.

The group said underlying EPS for the first six months of the year increased to 22.76 cents from 11.10 cents last year on a 58 percent hike in revenue at $519.5 million.

About 85 percent of EBITDA (earnings before interest, tax, depreciation and amortisation) of $228 million was generated in the second quarter after a strong iron ore price settlement that took effect in April.

"This gives you a better sense of the underlying earnings capacity for the full year," Chief Executive Mike Oppenheimer told a conference call.