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The first quarter of 2023 was characterised by continued high production volumes, ambitions for increased product quality, and led to dividends of NOK 2.86 per share.

Rana Gruber produced 434 thousand metric tons in the quarter. That is 7 per cent more than in the first quarter of 2022. The production increase was a result of continuous improvement in the entire operations from the mine to the processing plant.

The company expects the demand for higher quality iron ore to increase as European steel mills transition towards a more sustainable production method, which requires iron ore of at least 66.5 per cent Fe. Initial studies conducted by the company indicate that Rana Gruber will be able to produce hematite of 67 per cent Fe, and in March, the board of directors decided to continue the studies around the development of higher quality iron ore.

The company extended the partnership with Cargill by five years until 2035. This will allow the companies to collaborate on the development of Rana Gruber’s future products and to work with the customers to ensure that Rana Gruber has access to customers that will value the premium grade ore in the company’s production.

In February, the company also signed a frame agreement with Sandvik for the delivery of 19 battery-electric vehicles. This is an important step to achieve the strategic goal to become the world’s first carbon free iron ore producer before the end of 2025.
The revenues came in at NOK 493.0 million, down from NOK 515.7 million in the first quarter of 2022. The reduction is largely explained by lower iron ore prices in the end of the quarter compared to last year. Together with an increase in operating costs caused by global inflation, and a increased inventory, this resulted in a decrease in operating profit (EBITDA), which ended at NOK 226.3 million (NOK 273.6 million).

The adjusted net profit amounted to NOK 151.4 million, and the board of directors decided to pay out dividends per share of NOK 2.86.

“We have paid out 70 per cent of the adjusted net profit as dividends in all the nine quarters since we were listed. Once again, this confirms our ability to create value to our shareholders,” says Gunnar Moe, CEO of Rana Gruber.
Please find enclosed the report for the first quarter of 2023.

The financial results will be presented by CEO Gunnar Moe, CFO Erlend Høyen, and COO Stein-Tore Liljenström 11 May, 08.00 a.m. CET. There will also be a Q&A session. The presentation and Q&A session will be made available through the following link:


Please find enclosed the report and presentation for the first quarter of 2023.


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