Highlights from the quarter:
• Stable and high concentrate prodoction
• Cash cost was maintained at USD 55 per tonnes, within the communicated target range
• Promising initial results for the Fe67 project
• Board of directors has decided to distribute NOK 47.1 million/DPS of NOK 1.27, for Q1-2025.
Financial Performance:
Net profit for the first quarter was NOK 130.1 million (adjusted net profit of NOK 78.5 million). Revenues increased compared to the first quarter of 2024, as the negative impact from last year’s price reductions has been minor this year. Cash cost development remained relatively stable quarter on quarter. The slight increase observed, both in absolute terms and compared to the fourth quarter, was primarily driven by maintenance activities.
In the first quarter, concentrate production reached 473 000 tonnes, in line with the 478 000 tonnes produced in the same period of 2024. Magnetite production was 39 000 tonnes, up from 24 000 tonnes produced in the first quarter of 2024. The reduction in magnetite production compared to the end of 2024 reflects natural variations in our deposit. Nevertheless, we remain confident that full-year magnetite production will be in line with the targets communicated at our Capital Markets Update in November.
“When we introduced our cash cost target of USD 50–55 per tonnes, it was based on our conviction that delivering consistently within this range is critical to navigating volatile markets. Sustainable cost reduction is challenging and requires continuous strengthening of operational capabilities. While our cash cost performance in the previous quarter demonstrated an exceptionally strong response to external factors, we acknowledge that quarterly results may fluctuate somewhat. The first quarter of 2025 reflects a higher cost level, still fully aligned with our strategic ambitions. Nevertheless, our clear goal remains to consistently deliver in the lower range of our communicated target over time.”, says Gunnar Moe, CEO.
For the seventeenth quarter in a row Rana Gruber distribute dividends to our shareholders and the board of directors has decided to distribute NOK 47.1 million/ DPS of NOK 1.27. This shows our commitment to deliver return to our shareholders and ability to create profitability over time.
Please find enclosed the report and the presentation for the first quarter of 2025:
– Report
– Presentation
The financial results will be presented by CEO Gunnar Moe and CFO Erlend Høyen, 14. May at 08.00 a.m. CEST.
The presentation and a following Q&A session will be made available as a webcast which can be reached through the following link: https://bit.ly/RG_Q1_25
A recording of the presentation and Q&A session will be available on https://ranagruber.no/investors/
For more information, please contact:
Gunnar Moe, Chief Executive Officer: +47 941 47 650
Erlend Høyen, Chief Financial Officer: +47 902 02 741
About Rana Gruber
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 370 employees and a production capacity of 1.8 million metric tons of iron ore concentrates.
This information is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act. This stock exchange announcement was published by Vegard Nerdal, IR at Rana Gruber AS on 14 May 2025 at 07:00 CEST.