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The second quarter of 2023 was characterised by continued high production volumes, no production-related injuries, successful deployment of the first electrically operated machine, and led to dividends of NOK 2.00 per share.

Rana Gruber produced 427 thousand metric tons in the quarter. That is 9 per cent more than in the second quarter of 2022. The increase in production is a result of ongoing process improvements in the entire value chain.

The first electrically operated machine in the underground mine was successfully deployed, and preliminary results indicate excellent efficiency and machine utilisation.

After quarter-end, Enova (owned by the Ministry of Climate and Environment) committed to providing support for 40 per cent of the additional costs for electrically operated primary machines, based on today’s prices, as compared to fossil-powered machines in the underground mine.

The revenues came in at NOK 348.8 million, up from NOK 294.4 million in the second quarter of 2022. The increase is explained by increased sales volumes, reduced freight rates for shipments to Europe, and higher magnetite sales. Currency translation effects from a weakened Norwegian krone added to the revenue growth. Together with a cash cost of NOK 498/mt produced iron ore concentrate, this resulted in an increased operating profit (EBITDA), which ended at NOK 93.7 million (NOK 73.0 million).

The adjusted net profit amounted to NOK 106.1 million (NOK 79.9 million), and the board of directors decided to pay out dividends per share of NOK 2.00.

“In the second quarter, we deployed the first electrically operated machine in the underground mine. This marks a significant milestone in decarbonising the operations and shows Rana Gruber’s commitment to a more sustainable mining industry. At the same time, we pay out 70 per cent of the adjusted net profit as dividends to our shareholders – for the tenth quarter in a row,” says Gunnar Moe, CEO of Rana Gruber.

Please find enclosed the report for the second quarter of 2023.

The financial results will be presented by CEO Gunnar Moe and CFO Erlend Høyen, 29 August, 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:

A recording of the presentation will be available on

Documents attached:

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