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The fourth quarter of 2022 was characterised by continued strong production trend, cost discipline, and dividends of NOK 3.00 per share – the second highest since the company became public.

The iron ore concentrate production totalled 460 thousand metric tons. That is 5.8 per cent more than in the fourth quarter of 2021. The production increase was a result of continuous improvement in the entire operations from the mine to the processing plant. While total costs remained stable, the increased production volumes resulted in reduced costs per tonne.

“The cash costs per tonne in the second half of the year were lower than at the start of the year, even though the global inflation impacted Rana Gruber as well as most other businesses. This shows that our work with cost optimisation and high and stable production yields results,” says CEO Gunnar Moe.

In the quarter, the company signed a letter of intent with the electric mining equipment supplier Sandvik. And just after quarter-end, the company secured a place in the queue regarding production of electric mining machines and vehicles, and support for the new on-site infrastructure. The partnership with Sandvik plays a key role for the company’s ambition to be carbon free before the end of 2025.

The revenues came in at NOK 382.8 million, up from NOK 276.4 million in the fourth quarter of 2021. The increase is largely explained by higher realised prices on shipments done in the third quarter, reduced freight costs, and a weaker Norwegian currency. This, together with a positive change in inventory, impacted the operating profit (EBITDA), which ended at NOK 168.0 million, up from NOK 97.5 million in the comparable period last year.

The adjusted net profit amounted to NOK 158.1 million. The board of directors decided to pay out dividends per share of NOK 3.00, in total NOK 111 million.
“We have paid out 70 per cent of the adjusted net profit as dividends in all the eight quarters since we were listed. This is the second largest dividend distribution, which once again confirms our ability to create value to our shareholders,” says Moe.
Please find enclosed the report and presentation for the fourth quarter of 2022.

The financial results will be presented by CEO Gunnar Moe and CFO Erlend Høyen 15 February, 08.00 a.m. CET. The presentation will be made available via a live webcast through the following link:


Please find enclosed the report and presentation for the fourth quarter of 2022.


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