skip to Main Content

Reaching new heights, volumes secured until 2030

Solid production and a continued strong market for iron ore lifted Rana Gruber’s revenues for the first half of 2021 to above NOK 1.1 bn, and EBITDA to NOK 756m. The company has resolved to distribute a quarterly dividend for Q2-21 of NOK 3.86/share – implying a pay-out ratio of 70 per cent.

Mo i Rana, 26 August 2021 – The Norwegian iron ore producer Rana Gruber posted its second-quarter results with revenues of NOK 573.6 million (NOK 286.5 million in Q2-20), and a corresponding EBITDA of NOK 410.6 million – almost three times Q2-20 EBITDA of NOK 143.5 million. Average hematite prices were USD 199.9/mt in the second quarter (USD 91.9 in Q2-20).

–   The first half of the year was marked by record-strong results for Rana Gruber, driven by a continued strong price momentum for iron ore, supported by good production planning and execution. This lifted our revenues and profits to the second consecutive quarter of record high levels, says CEO Gunnar Moe.

The company targets to distribute 50-70 per cent of net income as dividend to its investors on a quarterly basis. The company’s board of directors has resolved to distribute a Q2-21 dividend of NOK 3.86/share, implying a pay-out ratio of 70 per cent. For the first six months of the year Rana Gruber has distributed NOK 6.76/share in dividends.

Positive production trend

398.9’ metric tons (mt) iron ore concentrates were produced in the second quarter of 2021, up seven per cent from the same period of 2020. In the second quarter of 2021, Rana Gruber completed a scheduled 10-days maintenance period for all production facilities.

–   We continued the positive production trend in the months before the summer, and we delivered all shipments as planned during the quarter thanks to a strategic build-up of raw material in the previous quarter. This demonstrates the importance of good production planning and execution, he states.

Iron ore is an important input factor for infrastructure projects globally, and demand has increased during 2020 and 2021. After the summer the market for iron ore has been impacted by stricter steel production regulations in China. However, the market fundamentals remain strong driven by governmental spending globally.

Secured volumes until 2030

In June, Rana Gruber announced an extension of the offtake agreement with Cargill for another five years, securing sales of all hematite concentrate until 2030. Rana Gruber’s total iron ore production capacity amounts to 1.8 million tonne per annum. Hematite concentrate is the company’s major product, constituting more than 90 per cent of the production.

–   The extension until 2030 validates the quality of our iron ore products, in addition to providing predictability and a continuation of the strategic valuable partnership with Cargill. Over time, Cargill has proved excellence in realizing the highest prices for iron ore, while we also share the joint strategy of reducing carbon emission throughout the global value chain for steel production. Hence, we will together develop iron ore concentrate with higher iron ore content, bringing emissions in the steel mills down, Moe says.

Please find enclosed the report and presentation of the first half and second quarter of 2021.

The results will be presented in a webcast with CEO Gunnar Moe and CFO Erlend Høyen at August 26, 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.

About Rana Gruber

Rana Gruber is a Norwegian sustainable iron ore producer and supplier established in 1964, with operations based on more than 200 years of mining experience. The Company’s products are based on own natural mineral resources which are upgraded and tailored for applications and exported to its customers worldwide. Rana Gruber produces and sells iron ore concentrate, primarily serving steel producers and participants in the chemical industry. The subsidiary Rana Gruber Mineral AS produces and sells micronized iron oxides and other dissemination of iron ore, and primarily serves paint manufactures and participants in the building- and automotive industries. Rana Gruber has about 300 employees and a production capacity of 1.8 million metric tons of iron ore concentrates and specialty products.



CEO, Gunnar Moe

+47 94147650 


CFO, Erlend Høyen

+47 90202741 

Back To Top