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The second quarter of the year was characterised by a stable production, well organised care and maintenance of the mine and processing plant, and no related injuries for the Norwegian iron ore producer Rana Gruber.

The iron ore concentrate production totalled 393 thousand metric tons, which is in accordance with the planned production and indicates a stable production level. In addition to producing solid volumes, the company started the development of the next mining level (L91), which provides a solid foundation for continued long term stable production. The company also conducted its first in-house exploratory core drilling, which was previously handled by external providers. The purpose of the core drilling is to determine the properties of the rock masses to increase the resource and reserve bases.

– All our operating activities were conducted with no related injuries. This shows again that our tailored safety measures are successful, says CEO Gunnar Moe.

EBITDA impacted by lower prices, increased freight rates, and high costs
The revenues of the quarter decreased by 57 per cent compared to the second quarter of 2021 and came in at NOK 294.4 million. The operating profit (EBITDA) decreased by 85 per cent and ended at NOK 80.5 million.

– The revenues were impacted by the market prices for iron ore, which were almost halved from the same period last year. They were also impacted by freight rates being higher than in the second quarter of 2021, as freight rates are part of the pricing mechanism rather than being recorded as costs. The decrease in EBITDA is the result of the same factors, in addition to high costs related to inflationary pressure on wages, higher commodity prices for e.g. diesel, explosives, and steel, and expansion of our personnel for administration and development of our strategic projects, says Moe.

The adjusted net profit amounted to NOK 79.9 million, and the board decided to pay out dividends per share of NOK 1.51.

Please find enclosed the report and presentation of the second quarter of 2022.

The results will be presented in a webcast with CEO Gunnar Moe and CFO Erlend Høyen on 24 August, 08.00 a.m. CEST.

The presentation and subsequent Q&A session will be held in English and may be viewed live at

A recording of the presentation will be made available on after the presentation.

CEO, Gunnar Moe
+47 94147650

CFO, Erlend Høyen
+47 90202741

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 300 employees and a production capacity of 1.8 million metric tons of iron ore concentrates.


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