Rana Gruber produced 503 thousand metric tons iron ore concentrate in the quarter. This represents a significant increase and marks the strongest production quarter in the company’s history. What’s particularly satisfying is that we manage to maintain high quality even as production volume increases, and we are taking further steps towards Fe65.
The revenues came in at NOK 470.1 million, up from NOK 230.5 million in the third quarter of 2022. The increase is explained by higher realised prices, increased sales volumes, and currency effects from a weakened Norwegian krone. Together with a total cash cost of NOK 228.7 million, this resulted in an increased operating profit (EBITDA), which ended at NOK 251.2 million. The adjusted net profit amounted to NOK 171.2 million, up from NOK 55.4 million in the third quarter of 2022, and the board of directors decided to pay out dividends per share of NOK 3.23.
“The third quarter marks a milestone in Rana Gruber’s history with the highest quarterly production ever recorded. At the same time, we continue to generate value to our shareholders and pay out 70 per cent of the adjusted net profit as dividends – for the eleventh quarter in a row,” says Gunnar Moe, CEO of Rana Gruber.
Please find enclosed the report for the third quarter and the presentation for both the third quarter and capital markets update.
Video from Q3 & Capital Markets Update
CEO, Gunnar Moe
CFO, Erlend Høyen
Rana Gruber is a Norwegian iron ore producer established in 1964, with operations based on more than 200 years of mining experience. The company’s products are based on natural mineral resources, which are processed and exported to customers worldwide. Key customers include steel producers and participants in the chemical industry. The company has about 300 employees and a production capacity of 1.8 million metric tons of iron ore concentrates.